CCI Approves Epic Concesiones' Road SPV Acquisition

New Delhi, Mar 25 (PTI) Fair trade regulator CCI on Tuesday cleared the proposal of Epic Concesiones 2 to acquire 11 road special purpose vehicles from Ashoka Concessions and Ashoka Buildcon.

"The proposed combination envisages acquisition of 100 per cent equity shareholding by Epic Concesiones 2 Pvt Ltd (EC2PL) in road 11 special purpose vehicles (target SPVs), owned by Ashoka Concessions Ltd and Ashoka Buildcon Ltd," the Competition Commission of India (CCI) said in a release.

The target special purpose vehicles (SPVs) have been incorporated in India and are engaged in the business of operating (through governmental concessions) roads and highways in India.

EC2PL is engaged in owning and operating infrastructure projects. It is owned by Infrastructure Yield Plus II (IYP II) & Infrastructure Yield Plus IIA (IYP IIA), a Sebi-registered Infrastructure Alternative Investment Fund.

The investment manager of IYP II and IYP IIA is EAAA India Alternatives Ltd formerly known as Edelweiss Alternative Asset Advisors Ltd) which is an indirect wholly-owned subsidiary of EFSL, the parent entity of EC2PL.

In a separate release, CCI approved the proposed combination involving, Maple Infrastructure Trust (MIT), CDPQ Infrastructures Asia III Inc (CDPQ Asia), Maple Highways Pte Ltd and 360 ONE Private Equity Fund and certain road assets of the Ashoka Buildcon group.

MIT is a private trust settled and a Sebi-registered infrastructure investment trust (InvIT). MIT, through its SPVs, is engaged in the business of owning and operating road assets in India. Maple IM is the investment manager of MIT.

CPDQ Asia is a wholly-owned subsidiary of Caisse de depot et de placement du Quebec (CDPQ).

360 ONE Private Equity Fund is a Sebi-registered alternative investment fund. It is managed by its investment manager 360 ONE Alternates Asset Management Ltd.

In another release on Tuesday, the competition watchdog granted its nod for the proposed acquisition of Athaang Devanahalli Tollway Pvt Ltd, Athaang Jammu Udhampur Highway Pvt Ltd and Quazigund Expressway Pvt Ltd by Cube Highways Trust and Cube Highways and Infrastructure V Pte Ltd.

The Cube Trust, a Sebi-registered InvIT. The road assets/ SPVs of Cube Trust are engaged in the operation and maintenance of various road and highway projects in India.

Cube Highways and Infrastructure V is a Sebi-registered foreign portfolio investor, which acquires, operates and manages road assets in India.

Deals beyond a certain threshold are required to get approval from the CCI, which keeps a tab on unfair business practices across sectors.