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KKR Capstone India head resigns; Cube Highways explores InvIT
Photo Credit: Shah Junaid/VCCircle

Singapore-based Cube Highways and Infrastructure Pte. Ltd, which owns and operates toll roads in India, is exploring the possibility of setting up an infrastructure investment trust (InvIT), Mint reported, citing two people aware of the development.

Cube Highways is a joint venture between global infrastructure investment firm I Squared Capital and International Finance Corp (IFC), the private-sector investment arm of the World Bank. As on December 2017, it owned more than 1,700 lane-kilometres of highways in India.

Citing a person in knowledge of the development, the report said I Squared Capital is in discussions with advisers on the viability of an InvIT for their road assets in India.

The plan comes after Cube Highways, in December 2017, agreed to sell a 20% stake to a consortium led by Japan’s Mitsubishi Corporation for an undisclosed amount.

In November 2017, it had agreed to sell a minority stake to an entity owned by the Abu Dhabi Investment Authority.

Meanwhile, The Economic Times reported that Mayank Tiwari has resigned as the director and country head of KKR Capstone in India. He had joined KKR Capstone in 2014.

Tiwari told the financial daily that he is joining a multi-national conglomerate but didn’t reveal the name.

KKR Capstone is a business operations firm that supports KKR’s investment teams and portfolio companies.

The operating partners from KKR Capstone work with KKR’s investment teams during due diligence ahead of a potential investment and come up with a “100-day plan” for portfolio companies after the investment is closed.

However, KKR Capstone is neither a subsidiary nor an affiliate of KKR and largely operates independent of KKR.

Prior to joining KKR Capstone, Tiwari was chief executive officer of India operations at Everstone Capital-controlled F&B Asia Ventures, a pan-Asian food and beverage business platform.

In his previous stints, he worked at Boston Consulting Group and Hindustan Unilever.

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