Cube Highways Trust has executed definitive agreements to acquire four road infrastructure assets, expanding its portfolio through the purchase of Special Purpose Vehicles (SPVs). The Investment Manager, Cube Highways Fund Advisors Private Limited, signed the Share Purchase Agreements (SPAs) on July 13, 2026, following approvals from its board and unitholders via postal ballot earlier this year.

The acquisition targets include the entire issued, subscribed, and paid-up share capital of Baharampore-Farakka Highways Limited, Devanahalli Tollway Private Limited, and Chenani Nashri Tunnelway Limited. Additionally, the trust will acquire at least 95% of the issued, subscribed, and paid-up equity share capital of Western M P Infrastructure and Toll Roads Private Limited on a fully diluted basis.

Acquisition Targets

The following table details the SPVs identified for acquisition:

Conditions and Approvals

The completion of these proposed acquisitions is contingent upon the satisfaction of conditions precedent outlined in the respective SPAs. The transactions require necessary approvals and the completion of specified closing actions before they can be finalized. The move follows the outcome of a board meeting held on January 30, 2026, and the voting result of a postal ballot dated February 20, 2026.

Cube Highways Trust announced that the National Highways Authority of India (NHAI) has retained the Wholesale Price Index (WPI) linking factor of 1.641 for the revision of user fee rates under existing contracts. This decision, communicated via NHAI Policy Circular No. 18.127/2026 dated July 08, 2026, supersedes the earlier circular dated September 13, 2025, which had reduced the factor to 1.561. The retention of the higher factor ensures stability in the computation of toll rates for public-funded and BOT concession agreements, including those held by the Trust’s SPVs.

The policy update follows an Office Memorandum dated June 29, 2026, issued by the Ministry of Road Transport & Highways (MoRTH). The ministry directed that the linking factor of 1.641, used to connect the WPI series of 2004-05 to the series of 2011-12, shall continue to be adopted for all existing contracts and concession agreements. This guideline will also apply to all future National Highway projects until further orders or amendments to NH Fee Rules are issued.

Previously, on September 13, 2025, NHAI had revised the linking factor from 1.641 to 1.561. However, following an order by the Hon’ble High Court of Delhi dated October 17, 2025, the implementation of that circular was kept in abeyance. The latest circular effectively resolves the uncertainty by reinstating the original factor for the purpose of user fee revision.

The following table outlines the key timeline and regulatory references regarding the WPI linking factor:

The information regarding the NHAI Policy Circular dated July 08, 2026, has been uploaded to the Trust's website. The filing was submitted by Richa Gupta Rohatgi, Compliance Officer and Company Secretary of Cube Highways Fund Advisors Private Limited, acting in its capacity as Investment Manager to Cube Highways Trust.