CCI Approves Multiple Mergers & Acquisitions in Highway and Infrastructure Sector.

Banking & Finance

On March 25, 2025, the Competition Commission of India (CCI) approved several proposals: Noida-based Cube Highways Trust (Cube Trust) and Singapore-based Cube Highways and Infrastructure V Pte. Ltd. (Cube V) received approval to acquire Athaang Devanahalli Tollway Private Limited (ADTPL) in Karnataka, Athaang Jammu Udhampur Highway Private Limited (AJUHPL) in Delhi, and Quazigund Expressway Private Limited (QEPL) in Telangana.


      - Mumbai-based Maple Infrastructure Trust (MIT) and CDPQ Infrastructures Asia III Inc. (CPDQ Asia), a subsidiary of Canada-based Caisse de dépôt et de placement du Québec (CDPQ), received approval for a proposed combination.

      - The combination also involves Singapore-based Maple Highways Pte Ltd, which is participating in the transaction.

      - 360 ONE Private Equity Fund, registered with SEBI as a 'Category-II Alternative Investment Fund (AIF),' is also part of the combination.

Main Point :-   (i) The proposal includes the acquisition of certain road assets belonging to the Ashoka Buildcon Group.

      (ii) Mumbai-based Epic Concesiones 2 Private Limited (ECP2PL) has been approved to acquire a 100% equity stake in 11 road SPVs (Target SPVs).

(iii) These 11 road SPVs are currently owned by Nashik-based Ashoka Concessions Limited (ACL) and Ashoka Buildcon Limited (ABL).

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