Cube Highways and Infrastructure Pte. Ltd. entered into an agreement to acquire Salem Tollways Limited and Kumarapalayam Tollways Limited from IVRCL Limited (BSE:530773) on December 19, 2017. The value of IVRCL Limited shall be computed on the basis enterprise value of INR 7.3 billion for Salem Tollways Limited and Kumarapalayam Tollways Limited subject to the adjustment on account of financial indebtedness and working capital. The transaction is subject to certain customary approvals from all concerned authorities and and approval from the lenders of Salem Tollways Limited, Kumarapalayam Tollways Limited and IVRCL Limited. The transaction is expected to close before September 2018 quarter. Cube Highways and Infrastructure Pte. Ltd. cancelled the acquisition of Salem Tollways Limited and Kumarapalayam Tollways Limited from IVRCL Limited (BSE:530773) on December 19, 2018.