Reliance Infra to Sell Pune-Satara Toll Road to Cube Highways in ₹2,000 Crore Deal
Reliance Infra to Sell Pune-Satara Toll Road to Cube Highways in ₹2,000 Crore Deal
Marking a key step in its broader asset monetisation plan, Reliance Infrastructure is set to divest its Pune-Satara Toll Road asset to Singapore-based Cube Highways and Infrastructure III Pte Ltd. The entire transaction values the asset at an enterprise value (EV) of ₹2,000 crore, with Cube acquiring a full 100% stake.
This move is part of Reliance Infra’s ongoing strategy to streamline its operations by offloading non-core assets, thereby enhancing financial flexibility. The company aims to refocus its efforts on core segments such as defence manufacturing and renewable energy. The Pune-Satara exit is a key part of the company’s gradual withdrawal from its road portfolio, which currently includes seven toll road assets stretching across approximately 2,468 lane kilometres.
The Pune-Satara project is managed through a special purpose vehicle (SPV), PS Toll Road Pvt. Ltd., and was developed under the Build-Operate-Transfer (Toll) model. Covering a 140-kilometre stretch on National Highway NH-4 (now NH-48), this six-lane expressway serves as a vital section of the Golden Quadrilateral, strengthening the connectivity between Mumbai and Bengaluru. Toll operations began in October 2010.
From the sale, Reliance Infrastructure is expected to generate equity proceeds of around ₹600 crore. These funds will be channelled into the company’s future investments in key focus areas. Additionally, the transaction is expected to reduce the company’s consolidated debt by ₹1,400 crore. While the standalone entity remains debt-free, Reliance Infrastructure’s consolidated borrowings currently exceed ₹6,000 crore as per its FY25 annual report. A company spokesperson declined to comment on the development when contacted.
This marks the second major toll road deal between Reliance Infra and Cube Highways. Back in 2020, the two entities concluded the ₹3,600 crore sale of the Delhi-Agra Toll Road, solidifying a strategic alignment between the infrastructure platforms.
Cube Highways, which has steadily expanded its footprint across India, now oversees a portfolio of 33 road assets nationwide. Its infrastructure investment trust (InvIT) is backed by a global consortium of investors, including I Squared Capital, the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Mubadala Investment Company. Together, the InvIT manages assets worth ₹36,543 crore. Just earlier this week, it raised an additional ₹820 crore through the issuance of non-convertible debentures (NCDs).
The Pune-Satara transaction is currently awaiting regulatory clearances and is expected to reach financial closure by the end of the month.
