On March 25 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Acquisition of Athaang Devanahalli Tollway Private Limited (ADTPL), Athanng Jammu Udhampur Highway Private Limited (AJUHPL) and Quazigund Expressway Private Limited (QEPL) by Cube Highways Trust (Cube Trust) and Cube Highways and Infrastructure V Pte. Ltd. (Cube V).
ii.Proposed combination which involves inter-alia, Maple Infrastructure Trust (MIT); CDPQ Infrastructures Asia III Inc. (CPDQ Asia); Maple Highways Pte Ltd; 360 ONE Private Equity Fund; and certain road assets of Ashoka Buildcon Group.
iii.Acquisition of 100% equity shareholding in 11 road SPVs from Ashoka Group by Epic Concesiones 2 Private Limited (ECP2PL).
CCI Approved Cube’s Acquisition of ADTPL, AJUHPL and QEPL
CCI has approved proposal of Noida (Uttar Pradesh, UP)-based Cube Highways Trust (Cube Trust) and Singapore-based Cube Highways and Infrastructure V Pte. Ltd. (Cube V) to acquire Pujanahalli(Karnataka) based Athaang Devanahalli Tollway Private Limited (ADTPL), New Delhi(Delhi) based Athanng Jammu Udhampur Highway Private Limited (AJUHPL) and Nizamabad(Telangana) based Quazigund Expressway Private Limited (QEPL).
- ADTPL, AJUHPL and QEPL are targets in this arrangement, which have been incorporated in India as a Special Purpose Vehicles (SPVs) and works primarily in the business of operating (through governmental concessions) roads and highways in India.
i.As per the proposed arrangement, Cube V (Acquirer), which is a registered as a Foreign Portfolio Investor (FPI) with the Securities and Exchange Board of India (SEBI) and acquires, operates and managed road assets in India, will acquire 100% stake of ADTPL.
ii.While, Cube Trust (Acquirer), is an infrastructure investment trust (InvIt) registered with SEBI under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, will acquire 100% stake of both AJUHPL and QEPL.
CCI Approved Proposed Combination Involving inter-alia, MIT; CPDQ Asia; Maple Highways Pte Ltd; 360 ONE Private Equity Fund & Certain Road Assets of Ashoka Buildcon Group
CCI has approved a proposed combination which involves inter-alia, Mumbai (Maharashtra)-based Maple Infrastructure Trust (MIT), a private trust settled under the Indian Trusts Act, 1882; CDPQ Infrastructures Asia III Inc. (CPDQ Asia), a wholly owned subsidiary of Quebec City (Canada)-based global investment group Caisse de dépôt et de placement du Québec (CDPQ) ; Singapore based Maple Highways Pte Ltd; 360 ONE Private Equity Fund, registered with the SEBI as ‘Category-II Alternative Investment Fund (AIF)’ and certain road assets of Ashoka Buildcon Group.
i.As per the proposed combination arrangement, the acquisition will be done by MIT, registered as InvIT under SEBI (Infrastructure Investment Trusts) Regulations, 2014.
ii.MIT acts through Maple Infra Invit Investment Manager Private Limited (Maple IM) of Ashoka Dhankuni Kharagpur Tollway Limited (ADKTL); Ashoka Sambalpur Baragarh Tollway Limited (ASBTL); and Ashoka Highways (Durg) Limited (AHDL) (Proposed SPV Acquisitions) and certain inter-connected transactions.
- All these above mentioned SPVs are engaged by New Delhi based National Highway Authority of India (NHAI) to provide infrastructure concession services.
CCI Approved Epic Concesiones’ for 100% Acquisition of 11 Road Projects from Ashoka Group
CCI has approved Mumbai (Maharashtra)-based Epic Concesiones 2 Private Limited’s (ECP2PL) proposal for acquisition of 100% equity shareholding in 11 road SPVs (Target SPVs) owned by both Nashik (Maharashtra)-based Ashoka Concessions Limited (ACL) and Ashoka Buildcon Limited (ABL) (Proposed Equity Transaction).
- These 11 road SPVs have been incorporated in India and are engaged in the business of operating (through governmental concessions) roads and highways in India.
i.As per the proposed arrangement, EC2PL which is a private limited company engaged in owning and operating infrastructure projects and owned by Infrastructure Yield Plus II (IYP II) & Infrastructure Yield Plus IIA (IYP IIA ) collectively known as IYP.
ii.Both IYP II and IYP IIA are schemes of the Infrastructure Yield Trust, established under the Indian Trusts Act, 1882 and registered with SEBI as ‘Category-I AIF’ under the SEBI (Alternative Investment Funds) Regulations, 2012.
Recent Related News:
In January 2025, CCI approved the proposed acquisition of 100% shareholding of Cyprus-based investment holding company of Advent International Group, AI Lenarco Midco Ltd. by Singapore-based Majesty II Pte. Ltd., a newly incorporated Special Purpose Vehicle (SPV) and an investment holding company of the PAG group.
