Cube Highways, one of India?s largest private sector toll road operators, is likely to acquire the road assets of National Investment and Infrastructure Fund?s (NIIF) Athaang Infrastructure, according to two informed sources. The deal is projected to have an equity value of approximately Rs 40 billion.

Canada Pension Plan Investment Board (CPPIB), the other finalist, also submitted a binding bid for the deal managed by JP Morgan. Cube Highways is expected to be granted exclusivity to finalize the acquisition of a portfolio consisting of five road assets totalling 230 km.

Earlier reports from Mint had indicated that CPPIB and Cube Highways were the final contenders and were anticipated to submit their final binding bids.

One of the sources noted that both Cube Highways and CPPIB had made binding bids, and Cube Highways had emerged as the leading candidate. The intention is now to provide Cube Highways with exclusivity to conclude the transaction.

Approximately ten global and domestic infrastructure funds, including CPPIB, KKR, Spain?s Abertis, France?s Vinci Highways, Edelweiss? Sekura Roads, and Caisse de d?p?t et placement du Qu?bec (CDPQ), have signed non-disclosure agreements (NDAs) for the deal.

Spokespersons for CPPIB and JP Morgan declined to comment, while representatives from NIIF and Cube Highways did not respond to emailed inquiries on Monday evening.