A Mitsubishi Corporation-led Japanese consortium has agreed to buy a 20% stake in Cube Highways and Infrastructure, which is a Singapore-based developer of Indian infrastructure projects.
While the companies did not disclose the financial terms, sources in the know told ET that the consortium that also includes East Nippon Expressway and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development would pay up to Rs 3,000 crore for the stake.
“The deal would be worth around Rs 2,500-3,000 crore. A definitive agreement has been signed and once the approvals are in place, the deal would be concluded,” a person close to the development told ET.
This is the second stake sale by Cube Highways in less than two months. In November, it sold a minority stake to Abu Dhabi Investment Authority to raise a little over Rs 2,000 crore.
