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India’s infrastructure landscape is shifting as the Competition Commission of India (CCI) officially approves a massive transaction. Cube Highways and Infrastructure V Pte. Ltd. (Cube V) is set to buy a large number of road assets from the Dineshchandra R. Agrawal Infracon (DRA) Group.
This move is watershed moment for India’s highway sector. As the country strives for improved connectivity, major players are consolidating their portfolios to better manage high-traffic corridors.
Table of Contents
The Core of the Deal
On March 11, 2026, the CCI approved Cube V’s acquisition of four specific special purpose vehicles (SPVs). Previously, these entities were part of the Dinesh Chandra Group, based in Ahmedabad.
The transaction involves a change of ownership, bringing these key stretches under a global management standard. By approving this, the CCI keeps the market competitive while allowing for professional asset management.
Spotlight on the Road Assets
The deal is more than just one road; it is a strategic collection. The acquisition includes four major infrastructure companies: Dineshchandra Yamuna Infra, Dineshchandra Vaishnodevi Infra, Dineshchandra Giriraj Infra, and Dineshchandra Trans-Eastern Highways.
These SPVs are in charge of critical stretches developed under government concessions. They use a variety of revenue models, including toll-based and annuity structures. This diversity enables Cube Highways to maintain a stable and predictable cash flow.
Who is Cube Highways?
Cube Highways is not a typical investor. It is a Singapore-based platform backed by global players such as I Squared Capital and the Abu Dhabi Investment Authority (ADIA). Their main goal is to build and manage a world-class portfolio of transportation assets in India.
By combining these four new projects, Cube Highways strengthens its position as one of the country’s largest private highway owners. Their expertise in operations and maintenance is expected to improve service quality on these routes.
The Role of DRA Group
Dineshchandra R. Agrawal Infracon, also known as the DRA Group, has been a major player in Indian construction for decades. By selling these operational assets, the group is most likely pursuing a “capital recycling” strategy.
This allows them to use the capital from completed projects to invest in new, upcoming construction bids. It’s a win-win situation: the developer gets funding for new projects, and the long-term investor gets consistent operational income.
Why the CCI Approval Matters
Any large-scale acquisition in India must go through the CCI to avoid creating a monopoly. In this case, the regulator examined the “Summary of the Proposed Transaction” submitted earlier in January 2026.
The commission concluded that the transaction would not have a “appreciable adverse effect” on competition. Because road assets are location-specific, owning one highway does not preclude others from competing on alternate routes.
Strengthening India’s Connectivity
The Indian economy relies heavily on highways. The seamless transfer of these assets ensures that maintenance and tolling operations run smoothly and efficiently. For the average commuter or logistics truck driver, this means better-maintained roads and more efficient service.
As the government continues its ambitious “Gati Shakti” and “Bharatmala” projects, institutional investors such as Cube Highways add depth to the secondary market for infrastructure.
A Look Toward the Future
This acquisition reflects a larger trend for 2026. Global private equity and sovereign wealth funds are increasingly optimistic about Indian roads. They see them as safe long-term investments with increasing traffic.
With the regulatory hurdle of the CCI cleared, the transition of these four SPVs is expected to be completed in the coming months. It marks a strong start to the year for the Indian infrastructure sector, with more such deals expected as the highway network expands further.
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