Cube Highways Trust announced that the International Finance Corporation (IFC) had provided funding totalling Rs 1,030 crore through long-term listed non-convertible debentures (NCDs).
“The funds raised through this deal will be utilized for a Special Purpose Vehicle (SPV) owned by Cube Highways Trust,” said the infrastructure investment trust.
The 18 toll and annuity roads in Cube Highways Trust’s diversified portfolio total 1,423.60 kilometers in length. 11 states, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal, are home to these road assets.
Commenting on the transaction, Vinay Sekar, CEO of Cube InvIT said, “We are grateful for the support and confidence shown by IFC. This collaboration further reinforces Cube’s dedication to upholding exemplary standards of governance and sustainability practices”.
IFC’s investment in Cube Highways Trust highlights our shared commitment to bolstering the roads sector by illuminating the critical role of innovative market financing for long-term infrastructure development, according to Wendy Werner, IFC’s country head for India.
The largest international development organization with a focus on the private sector in emerging markets is the IFC, a member of the World Bank Group.
