Cube Highways replaces Lanco in 80-km Nelamangala-Devihalli highway project

Set up a new SPV pursuant to the substitution rights of the senior lenders in the concession agreement

Cube Highways and Infrastructure I-D Pte Ltd (Cube Highways), a portfolio company of I Squared Capital, has entered into a concession agreement with the National Highways Authority of India (NHAI) to operate an 80-kilometre, four-lane toll road connecting Neelamangala and Devihalli in Karnataka. 

As part of the transaction, Cube Highways has replaced the former concessionaire, Lanco Devihalli Highways (LDHL), by incorporating a new SPV, Nelamangala Devihalli Expressway (NDEPL), pursuant to the substitution rights of the senior lenders in the concession agreement. 

“We are pleased to complete the first substitution transaction, of this kind, in the road sector in India,” said Gautam Bhandari,