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, director of Cube Highways and managing partner at I Squared Capital. “Cube Highways’ strong record of deal closures during the Covid-19 pandemic stands testimony to its disciplined deal making approach and operational capabilities. Cube Highways worked tirelessly with NHAI and the senior lenders through the economic dislocation to complete this transaction under the substitution mechanism of NHAI, setting a benchmark for such transactions in the future.”