CCI Clears Dilip Buildcon and Anantam Highways InvIT Deal

The Competition Commission of India (CCI) has granted approval for the proposed combination involving Anantam Highways Trust (InvIT), Alpha Alternatives Fund Advisors LLP (Alpha Alternatives) and its group entities (collectively the Sponsor and Sponsor Group), as well as Dilip Buildcon Limited (DBL) and its subsidiary DBL Infraventures Private Limited (DIPL).

Details of the Proposed Combination

Under the approved transaction, the InvIT, acting through its Investment Manager, will acquire:

• 100% shareholding in eight special purpose vehicles (SPVs): Dodaballapur Hoskote Highways Ltd, Repallewada Highways Ltd, Dhrol Bhadra Highways Ltd, Narenpur Purnea Highways Ltd, Villuppuram Highways Ltd, Bangalore Malur Highways Ltd, Malur Bangarpet Highways Ltd, and DPJ Pollachi HAM Project Pvt Ltd.
• 49% shareholding in PHL.

As consideration, the existing shareholders of these SPVs, including the Sponsor, Sponsor Group, DBL, and DIPL, will be allotted units in the InvIT upon its listing.

Background of the Entities

Anantam Highways Trust, established as a contributory, determinate, irrevocable trust under the Indian Trusts Act, 1882, was registered as an infrastructure investment trust (InvIT) with SEBI on August 19, 2024. The trust focuses on acquiring and managing infrastructure assets, particularly in the highways sector.

Alpha Alternatives, the Sponsor, is a SEBI-registered investment advisor, portfolio manager, and manager to alternative investment funds. The group provides fund and asset management services and invests across sectors, with a significant focus on infrastructure.

Dilip Buildcon Limited (DBL) is a leading player in the infrastructure space, operating across road construction, water and irrigation projects, metro and airport construction, tunnel and mining operations, and maintenance of BOT road projects. DBL operates in 19 states and 1 union territory across India, with DIPL as its wholly owned subsidiary.

Road Assets and Market Impact

The Target SPVs collectively operate road assets spread across multiple states, contributing to India’s expanding highway infrastructure network.

Also Read: Dilip Buildcon Secured Tunnel Project Win in Kerala from Konkan Railway!

Conclusion

The approved combination is expected to strengthen Anantam Highways Trust’s portfolio, enhance DBL Group’s monetisation of road assets, and contribute to the development and funding of highway infrastructure in India.

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