Singapore firm wins bid to buy India’s longest road tunnel
Mumbai: Singapore-based infrastructure investment platform Cube Highways has won the bid to acquire India’s longest road tunnel — the 9.2-km Chenani-Nashri project in Jammu & Kashmir — for Rs 3,929 crore, multiple people aware of the matter said. The IL&FS board has declared Cube as the highest bidder (H1), and invited lenders to vote for the sale through the e-voting process.
The tunnel project has a debt of around Rs 5,454 crore and a sale of the asset will help bring down the overall debt position of the company.
“Resolved that the bid value of Rs 3,929 crore, (subject to potential value adjustments, as stipulated in the draft of the share purchase agreement, a copy of which has been provided to the members of the committee of creditors of CNTL),
