CCI Approves Anantam Highways Trust Acquisition of Seven Road SPVs and Unit Issuance

The Competition Commission of India (CCI) has approved a proposed combination involving the acquisition of shareholding in seven special purpose vehicles (SPVs) by Anantam Highways Trust (InvIT) and the issuance of units of the InvIT to Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL), and DBL Infraventures Pvt. Ltd. (DIPL). 

Details of the Approved Combination 

According to the CCI, the proposed transaction includes: 

• Acquisition of shareholding in the following seven SPVs by Anantam Highways Trust (InvIT):  
• DAK Package I Expressway Pvt. Ltd.  
• Bethamangala Expressway Pvt. Ltd.  
• Katra Expressway Pvt. Ltd.  
• Raipur-Visakhapatnam-CG-2 Highways Ltd.  
• Bangarupalem Gudipala Highways Ltd.  
• Poondiyankuppam Highways Ltd.  
• Mehgama-Hansdiha Highways Ltd.  
• Issuance of units of the InvIT to Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL), and DBL Infraventures Pvt. Ltd. (DIPL). 

About the Entities 

Anantam Highways Trust is a contributory, determinate and irrevocable trust established under the Indian Trusts Act. It is registered as an Infrastructure Investment Trust (InvIT) with the Securities and Exchange Board of India (SEBI) under the InvIT Regulations. 

Build India Infrastructure Fund (BIIF) is a Category II Alternative Investment Fund that arranges, makes, manages and disposes of investments in debt, equity, equity-linked instruments, preference shares and other permissible securities to generate capital appreciation and returns for its contributors, in accordance with applicable laws and trust documents. 

Dilip Buildcon Limited (DBL) is a publicly listed engineering, procurement, construction, and operation and maintenance company engaged in roads, irrigation, mining, airports, specialised bridges, tunnels and urban development projects across India. 

DBL Infraventures Pvt. Ltd. (DIPL) is a wholly owned subsidiary of DBL engaged in infrastructure works contracted by governments and in the construction and development of roads, culverts, dams, bridges, railways and tramways. DBL and DIPL are part of the DBL Group.