US private equity firm I Squared Capital on Friday launched power transmission platform Cube Grid, which will deploy up to $1 billion (approximately Rs 9,596 crore) to acquire and build transmission assets in India.
The announcement comes less than a fortnight after VCCircle first reported, citing people familiar with the matter, that the infrastructure-focused PE firm was preparing to launch a dedicated power transmission platform in India.
The PE firm said in a statement that Cube Grid has already signed agreements to acquire seed assets totalling more than 1,450 circuit kilometres of transmission lines and that the assets will be developed in partnership with infrastructure developer Dineshchandra R. Agrawal Infracon Pvt Ltd (DRAIPL).
The transaction is likely to close in the third quarter of 2026, subject to regulatory approvals, the statement said.
Citing the Indian government’s roadmap of modernising and expanding the national grid, I Squared Capital said it had the potential to create a “significant pipeline of transmission projects across the country”.
“I Squared has invested in India for over a decade and has seen first-hand the rapid expansion of power generation, particularly renewables. We believe this creates a multi-decade opportunity to acquire and build critical grid assets that enable economic growth, enhance energy security, and accelerate the energy transition,” said Harsh Agrawal, Senior Partner at I Squared Capital.
I Squared has been active in India for over a decade, primarily through platform investments that it scales over time.
Its flagship highway platform, Cube Highways (and the associated Cube InvIT), has assembled one of India’s largest portfolios of toll roads, spanning thousands of lane kilometres.
Cube was initially backed alongside International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, and has since attracted additional capital from investors such as Abu Dhabi Investment Authority (ADIA).
