CCI Approves Anantam Highways Trust Combination
The Competition Commission of India has granted approval for a proposed combination involving Anantam Highways Trust (InvIT). The approval covers two main components: 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 involved in the acquisition 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. These entities represent highway infrastructure projects across multiple locations in India.
Anantam Highways Trust is established as a contributory, determinate, irrevocable trust under the Indian Trusts Act and is registered as an infrastructure investment trust with SEBI under the InvIT Regulations. Build India Infrastructure Fund (BIIF) is a Category II Alternative Investment Fund that invests in debt and/or equity instruments, equity-linked instruments, preference shares, and other permissible securities. Dilip Buildcon Limited is a publicly listed company with shares traded on both the National Stock Exchange and Bombay Stock Exchange, operating as an Engineering, Procurement, and Construction company undertaking projects in roads, irrigation, mining, airports, bridges, tunnels, and urban development across India. DBL Infraventures Pvt. Ltd. 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.
The detailed order from the Competition Commission will be released separately following this initial approval announcement.