UAE sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and US infrastructure investor I Squared Capital have appointed investment bankers to explore the sale of up to $400 million worth of their stake in Cube Highways InvIT, an Indian infrastructure investment trust, Moneycontrol, an Indian financial portal, reported.

I Squared Capital and ADIA collectively hold a 59.5 percent stake in the InvIT, the news website said, citing informed sources.

The report said the companies have appointed JP Morgan and Axis Capital to find buyers. Discussions with prospective buyers have begun, the report said.

In April 2023, Cube Highways InvIT raised Rs38.02 billion ($454 million) from Abu Dhabi’s Mubadala Investment Company and Canada’s British Columbia Investment Management Corporation, Moneycontrol said.

The Cube InvIT’s assets under management stand at Rs 258.11 billion, the report added.
(Editing by Seban Scaria seban.scaria@lseg.com)