Mumbai: Roads platform Cube Highways and Infrastructure Pte. Ltd and Canada’s Caisse de dépôt et placement du Québec (CDPQ) are in talks to buy three toll roads from debt-laden Essel Group, three people aware of the matter said, requesting anonymity. A potential deal could be a major reprieve for the Subhash Chandra-led group that is struggling to repay lenders.
Cube Highways, the roads platform of infrastructure investor I Squared Capital and CDPQ, Canada’s second largest fund manager are expected to put binding offers in the coming weeks. According to the first of the three people cited above, the sale could fetch ₹1,500 crore for the group.
“Essel has been in talks with various investors to sell part of its roads portfolio as the group looks to deleverage. Cube Highways and CDPQ are two parties that are left in the race and which are doing a diligence on these assets.
