Cube Highways to buy 100% stake in Ghaziabad Aligarh Expressway for ₹1600 cr

Mumbai: Cube Highways and Infrastructure Pte Ltd has signed a pact with Bharat Road Network Ltd (BRNL) and its partners to acquire a 100% stake in Ghaziabad Aligarh Expressway Private Ltd (GAEPL). The transaction is being done at an enterprise value of ₹1,600 crore.

BRNL currently holds 39% stake in this project.

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The completion of the transaction is contingent upon fulfilment of certain customary regulatory and lender approvals, the company said in a release.

GAEPL is engaged in the development, operation and maintenance of a 126-kilometre toll road project from Ghaziabad to Aligarh on NH 34 that connects northern and central India.

The project received a 24-year concession in 2011 for strengthening and widening the two-lane highway, and toll collection began in June 2015.

Cube Highways group, a Singapore-based company, has a portfolio of 28 highways with nearly 8,900 lane-kilometers across India.

BRNL has a project portfolio worth ₹7000 crore consisting of six operational BOT projects, covering 2,095 lane km across six states in India.