The Competition Commission of India (CCI) has granted approval for a proposed combination involving Anantam Highways Trust (InvIT), a SEBI-registered infrastructure investment trust established under the Indian Trusts Act. The approval covers two main transactions: the acquisition of shareholding in seven special purpose vehicles (SPVs) by the InvIT, and the issuance of units of the InvIT to three entities - Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL), and DBL Infraventures Pvt. Ltd. (DIPL).
The seven target SPVs being acquired are 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., and Mehgama-Hansdiha Highways Ltd.
Build India Infrastructure Fund (BIIF) is described as a Category II Alternative Investment Fund that invests in debt, equity, equity-linked instruments, preference shares, and other permissible securities with the objective of providing capital appreciation and returns to contributors. Dilip Buildcon Limited (DBL) is a publicly listed company on both the National Stock Exchange and Bombay Stock Exchange, operating as an Engineering, Procurement, and Construction and Operation & Maintenance company undertaking projects in roads, irrigation, mining, airports, specialized bridges, tunnels, and urban development projects across India. DBL Infraventures Pvt. Ltd. (DIPL) is a wholly-owned subsidiary of DBL engaged in infrastructure work contracted from various governments, including construction and development of ways, culverts, dams, bridges, railways, and tramways. Both DBL and DIPL belong to the DBL Group.
The CCI noted that a detailed order explaining the Commission's decision will follow this initial approval announcement.