Cube Highways and Infrastructure III Pte. Ltd. agreed to acquire KNR Tirumala Infra Private Limited from KNR Constructions Limited (BSE:532942) for approximately INR 2.2 billion on February 11, 2019. Earlier the consideration was INR 1.5 billion. The consideration may undergo change upon achievement of COD. The transaction is subject to the shareholding transfer restrictions set out in the concession agreement executed between National Highway Authority of India and KNR Tirumala Infra Private Limited and to various regulatory and lender approvals. The transaction is contemplated to be completed in two stages, with the first stage scheduled to be completed after achievement of the Commercial Operation Date (COD) as per concession agreement and the second stage scheduled to be completed after expiry of mandatory lock-in period as per the concession agreement. As of September 3, 2021, the transaction is expected to close on or before 31st December 2021. On December 31, 2021, Cube Highways and Infrastructure III Pte. Ltd. acquired 49% in KNR Tirumala Infra Private Limited from KNR Constructions Limited (BSE:532942) for INR 1.3618 billion.

Cube Highways and Infrastructure III Pte. Ltd. completed the acquisition of KNR Tirumala Infra Private Limited from KNR Constructions Limited (BSE:532942) for approximately INR 2.2 billion on October 20, 2022. Cube Highways acquired remaining 51% stake in KNR Tirumala for INR 681.3 million, and for 49% INR 1.3618 billion and KNR Constructions y shall be eligible to receive an additional consideration up to an amount of INR 140.5 million subject to receipt of certain approvals form NHAI.