Road developer Cube Highways, owned by global private equity fund I Squared Capital and Middle East sovereign fund Abu Dhabi investment Authority (ADIA)
Major policy initiatives coupled with expeditious land acquisition resulted in highest ever award of 51,073 km of highways and construction of 28,531 km over the last four years, Union Minister Nitin Gadkari said today.
Infrastructure company Cube Highways has begun talks with IL&FS Transportation Networks Ltd (ITNL) to acquire the latter’s 9.2-km Chenani-Nashri road tunnel project in Jammu & Kashmir, two people aware of the development said.
IL&FS Transportation Networks (ITNL), the road development arm of infrastructure development and finance major IL&FS, is in talks with I Squared Capital-backed Cube Highways to sell a majority stake in the recently completed Chenani-Nashri tunnel way (CNT) in Jammu & Kashmir (J&K), sources close to the development told FE.
The Narendra Modi government has built around 73% more national highways in its first four years till 2017-18 compared with the last four years’ in office of the previous UPA dispensation beginning 2010-11.
Asserting that infrastructure is a key priority of his government, Prime Minister Narendra Modi on Sunday said Rs3 lakh crore (Rs3 trillion) has been spent on laying a network of 28,000 km of highways.
Minister for Road Transport, Highways, Shipping, Water Resources and Ganga Rejuvenation Nitin Gadkari will inaugurate the upgraded 4-lane NH-15 from Amritsar to Bhatinda and NH-64 from Zirakpur to Bhatinda in Punjab on Monday.
Construction of national highways in India hit a record 10,000 km in the year ended March 31 after the government stepped up the pace of implementation and awarding contracts.
A 300 per cent surge in land acquisition costs over the last five years, up from Rs 0.8crore per hectare in FY13 to Rs 3.20 crore during the first nine months of FY18, has impacted new projects in the country’s highways sector — one of the few infrastructure success stories under the NDA government.
A Mitsubishi Corporation-led Japanese consortium has agreed to acquire 20% interest in Cube Highways and Infrastructure Private Ltd, for an estimated Rs 2,500 crore.