I Squared Capital Advisors has made a fresh capital commitment to Cube Highways & Infrastructure II Pte Ltd, its Singapore-based portfolio company. Milbank advised I Squared on the financing.

The new capital will partly fund the recent acquisition of Chenani Nashri Tunnelway Limited ( CNTL ) from IL&FS Transportation Networks Limited. CNTL operates and manages a 38 lane-kilometre tunnel from Chenani to Nashri, in Jammu & Kashmir, under a concession from the National Highways Authority of India. 

IL&FS Transportation Networks was established in 2000 to operate infrastructure such as roads, metro rail, and city bus services.

Cube Highways was established in 2014 to acquire and operate a portfolio of toll roads and related infrastructure in India, and has grown to become one of the country’s largest toll road operators. Global infrastructure investor I Squared Capital invested in Cube in 2020.

Cube currently operates a group of 33 road assets with an aggregate length of approximately 11,000 lane-kilometers across India. CNTL is one of the longest road tunnels in India, and Cube said that it will be a significant addition to its highways portfolio while expanding its geographic presence in northern India.