Singapore-based Cube Highways and Infrastructure has agreed to acquire Western UP Tollway for around ₹5.75 billion (US$85 million), subject to certain closing adjustments. Cube Highways, which focuses on transport infrastructure in India, will purchase the company from sellers NCC Infrastructure Holding, Gayatri Projects and Gayatri Infra Ventures. The transaction is expected to close in March.
NCC holds 51% of the company and Gayatri Infra Ventures holds the remaining 49%. Gayatri Projects said it decided to hive off the stake to monetize its portfolio and reduce its high-cost debt and that of Gayatri Infra Ventures. It aims to move forward with a more “asset-light approach” and “refocus efforts on EPC execution”.
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