Cube Highways and Infrastructure has signed an agreement to acquire five hybrid annuity model (HAM) highway projects from Gurugram-based KCC Buildcon. The deal would take about six months to complete approval from the National Highways Authority of India (NHAI), lenders and other regulatory bodies.

Prior to the acquisition of KCC Buildcon highway projects, Cube Highways had a portfolio of 28 highways covering nearly 8,900 lane kilometers across India.

KCC Buildcon has six road projects under the Hybrid Annuity Model (HAM), of which only one highway section on NH 66 between Talgaon and Kalmath in Maharashtra is operational. The five HAM highway projects being built by KCC Buildcon are estimated to have a contract value of approximately $575 million.

The HAM of highway construction involves the government paying 40 percent of the cost, while the developer contributes the balance through equity and debt.