Cube Acquires Equity Share of Madhucon‘s Agra-Jaipur Expressways

Madhucon Infra Ltd has entered into an agreement to sell Cube Highways and Infrastructure Pte Ltd of Singapore to Cube.

AZB & Partners advised Cube Highways and Infrastructure Pte. Limited with the acquisition, assisting Cube Highways (formerly known as ISQ Asia Infrastructure I-A Pte. Limited) in the acquisition of 74% equity shares held by Madhucon group in Madhucon Agra-Jaipur Expressways Limited. The AZB team comprised of Partners Yashwant Mathur and Sachin Mehta.

MAJEL is an operational BOT toll project between Bharatpur and Mahwa in the state of Rajasthan, connecting the two key tourist destinations of Agra in Uttar Pradesh and Jaipur in Rajasthan. Madhucon Infra is the Infrastructure development arm of Madhucon Group. Equirus Capital acted as exclusive advisors to Madhucon Group for the transaction whereas Nishith Desai Associates acted as their legal counsel. The MAJEL project started its commercial operations in May, 2009.