The Competition Commission of India (CCI) has approved Shrem InvIT’s acquisition of equity in 10 road infrastructure projects (Target SPVs) from Dilip Buildcon Limited (DBL) and its associates, involving an acquisition of 100 per cent of the equity in the Target SPVs.

It entails the issue of certain units of Shrem InvIT to DBL and its associates as consideration for the acquisition. The deal value of the proposed combination was, however, not disclosed.

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

The Target SPVs are undertaking the road projects in 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.

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