AZB & Partners advised Singapore based infrastructure company Cube Highways & Infrastructure on its Rs 248 crores ($37.4m) buy of Madhucon Agra Jaipur Expressways (MAJEL) which was advised by Nishith Desai Associates (NDA).

AZB partner Yashwant Mathur, senior associates Esha Pruthi and Ambarish Mohanty and associates Shridha Malhotra, Devanshu Sajlan and Nitin Saluja acted for Cube.

NDA partner Rajesh Simhan advised MAJEL

Cube would operate the 57 kilometers stretch of National Highway 11, connecting the cities of Mahua and Bharatpur, on build operate transfer (BOT) basis connecting tourist corridors of Agra and Jaipur. MAJEL started operating in 2009.

International Finance Corp (IFC), a part of the World Bank group, had picked up a 20 per cent stake in Cube which is promoted by I Squared Capital. IFC had committed a $100m (Rs 6640 crore) investment in Cube, which will primarily acquire operating road assets in India, reported Mint.