I SQUARED CAPITAL LAUNCHES INDIA POWER TRANSMISSION PLATFORM

KUALA LUMPUR, May 21 (Bernama) -- I Squared Capital (I Squared), a global infrastructure investment manager, has launched Cube Grid, a power transmission platform targeting India's expanding electricity grid.

In a statement, I Squared said it expects to deploy up to US$1 billion in equity capital into Cube Grid to acquire and build a portfolio of transmission assets across India. (US$1=RM3.96)

Cube Grid has signed definitive agreements for seed assets comprising more than 1,450 circuit kilometres (ckm) of transmission lines in partnership with Dineshchandra Group (Dineshchandra R. Agrawal Infracon Private Limited or DRAIPL), an infrastructure developer with operations across India and overseas markets.

I Squared Capital Senior Partner Harsh Agrawal said the expansion of renewable energy capacity and strong policy support are expected to drive long-term growth in India’s transmission sector.

“DRAIPL has a proven track record from our work together on Cube Highways, another I Squared portfolio company in India. Extending this relationship to the transmission sector gives Cube Grid a strong execution partner,” he said.

The partnership with DRAIPL combines I Squared's global investment expertise and platform-building experience with DRAIPL's local execution capabilities and regional market knowledge.

The Government of India has outlined plans to modernise and expand the national grid, requiring an estimated US$120 billion in capital expenditure over the next five to seven years to integrate new generation capacity and meet rising electricity demand.

Over the past decade, I Squared has committed more than US$4 billion to Indian infrastructure through six portfolio companies providing essential services across the country.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and customary closing conditions.

-- BERNAMA