The Competition Commission of India (CCI) has given its nod for a combination involving IndInfravit Trust’s (IndInfravit) acquisition of 100 per cent equity shareholding and compulsorily convertible debentures of five special purpose vehicles (SPVs) engaged in the operation and maintenance of highways in Andhra Pradesh, Uttar Pradesh, Bihar and Maharashtra.

To part-fund the SPV acquisitions, IndInfravit — an infrastructure investment trust set up in 2008 to invest in road infrastructure assets in India — will issue its units to CPHI-4, a Canadian Corporation and an investment holding company which invests in a diversified portfolio of assets.

The five SPVs that are being acquired by IndInfravit are Simhapuri Expressway Limited; Rayalseema Expressway Private Ltd; Kosi Bridge Infrastructure Company Pvt Ltd; Mumbai Nasik Expressway Private Ltd; and Gorakhpur Infrastructure Company Private Limited, sources said.

“Commission approves acquisition of 100 per cent equity and compulsorily convertible debentures by IndInfravit Trust of 5 SPVs engaged in road sector and allotment of units of IndInfravit to CPPIB Private Holdings (4) Inc,” the CCI tweeted on Monday. However, the transaction value was not disclosed.

Prior to the latest deal, IndInfravit had a portfolio of 13 road assets across six States and a network of approximately 5,000 lane km.

IndInfravit’s initial portfolio of assets comprised of five toll road projects in Rajasthan, Karnataka, Tamil Nadu, and Telangana. Subsequently, IndInfravit added another eight road assets in Rajasthan, Karnataka, Madhya Pradesh, Telangana and Maharashtra. Out of these, six are NHAI projects and two are State projects. These toll roads are operated and maintained pursuant to concessions granted by the NHAI/State authorities.

Meanwhile, CCI also approved Platinum Owl’s, a private company incorporated in Abu Dhabi Global Market, acquisition of 3 per cent equity stake in Intas, which is into pharmaceuticals and is the parent company of the Intas Group.

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