CCI Approves Indus Infra Trust’s Acquisition of KNR SPVs: What You Need to Know?

The Competition Commission of India has approved the acquisition of 100% equity stake of KNR Special Purpose Vehicles (SPVs) by Indus Infra Trust from KNR Constructions Ltd.

The deal covers four SPVs, KNR Palani Infra Private Limited (KPIPL), KNR Ramanattukara Infra Private Limited (KRIPL), KNR Guruvayur Infra Private Limited (KGIPL), and KNR Ramagiri Infra Private Limited (KRAIPL). Indus Infra Trust, acting through its investment manager, GR Highways Investment Manager Private Limited (GRHIMPL), will acquire these SPVs from KNR Constructions Limited.

About the Acquirer

Indus Infra Trust is an irrevocable trust established under the Indian Trusts Act, 1882, and registered as an infrastructure investment trust (InvIT) with the Securities and Exchange Board of India. It operates under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, including all applicable amendments, guidelines, circulars, and directions issued by SEBI.

About KNR SPVs and Project Scope

The KNR SPVs were established as special purpose vehicles by KNR Constructions to develop, build, operate, and maintain infrastructure projects under the Hybrid Annuity Model (HAM) in concession agreements with the National Highway Authority of India.

About KNR Constructions

KNR Constructions is a multi-domain infrastructure company providing Engineering, Procurement, and Construction (EPC) as well as Operations & Management (O&M) services across roads & highways, irrigation, and urban water infrastructure. With over 25 years of experience, KNR has successfully executed roughly 9,127 lane kilometers of road projects across 12 Indian states.

Also Read: CCI Approved Acquisition of 100% Stake of Nabha Power from L&T Power Development Ltd

Its portfolio includes Build-Operate-Transfer (BOT) and HAM projects, such as 452 lane kilometers in Telangana and Karnataka, 2 annuity-based projects, and 8 HAM projects with a total bid cost of ₹96,188 million. As of December 31, 2025, KNR maintains a strong order book of ₹88,488 million, with ₹25,536 million in roads, ₹27,428 million in irrigation and pipeline projects, and ₹35,524 million in the mining sector.

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