CCI gives nod to Shrem InvIT's acquisition of ten road infra projects from Dilip Buildcon

13 Jul 2022 , 08:57 AM

The Competition Commission of India (CCI) has approved acquisition by Shrem InvIT of equity in ten road infrastructure projects (Target SPVs) from Dilip Buildcon Limited (DBL) and its associates.

As per the released government data, the Proposed Combination involves an acquisition of 100% of the equity in the Target SPVs by the Acquirer. It also entails issue of certain of units of Shrem InvIT to DBL and its associates as consideration for the acquisition.

Shrem InvIT is a trust registered under the Indian Trusts Act, 1882 and with SEBI under InvIT Regulations 2014. It has been set-up for the purpose of carrying on the activity of an infrastructure investment trust.

The Target SPVs are undertaking the road projects in the state of Karnataka, Jharkhand, Andhra Pradesh, Maharashtra, Odisha, Madhya Pradesh and Chhattisgarh. They have been incorporated for the purpose of developing specific road projects.

DBL is engaged in the business of construction, operation and maintenance of roads and highways. DBL as an EPC contractor obtains road projects through a government’s competitive bidding process.