CCI Approves IRB Infrastructure Trust’s Acquisition in Meerut Budaun Expressway Limited

The Competition Commission of India (CCI) has given its nod to the proposed acquisition involving IRB Infrastructure Trust’s investment in Meerut Budaun Expressway Limited (MBEL).

Parties Involved:

• GIC Unitholders: Anahera Investment Pte. Ltd., Bricklayers Investment Pte. Ltd., Chiswick Investment Pte. Ltd., Stretford End Investment Pte. Ltd., and Dagenham Investment Pte. Ltd. These entities are wholly-owned subsidiaries of GIC Infra Holdings Pte. Ltd., which is a part of the GIC Group managed by GIC Special Investments Private Limited.
• IRB Infrastructure Trust (InvIT): A private trust registered as an infrastructure investment trust with SEBI, with units listed on the National Stock Exchange. InvIT holds toll road assets operated under concessions awarded by the National Highways Authority of India (NHAI) and various state authorities.
• IRB Infrastructure Developers Ltd. (IRB): The sponsor and project manager of InvIT, engaged in engineering, procurement, and construction (EPC) contracts, and providing operation and maintenance services across different road concession models.
• Meerut Budaun Expressway Limited (MBEL): A special purpose vehicle incorporated for developing a section of the Ganga Expressway, specifically the 129.7 km six-lane greenfield expressway between Meerut and Budaun in Uttar Pradesh.

Transaction Structure: The proposed transaction consists of three main steps:

1. NCD Subscription:
   • Proposed subscription of non-convertible debentures (NCDs) by IRB and Anahera in MBEL.
   • If the initial subscription is not feasible, InvIT will subscribe to the NCDs (Alternate InvIT NCD Subscription).
2. Trust Unit Issue:
   • Fresh issuance of units by InvIT to its existing unitholders, including IRB and one or more of the GIC Unitholders.
3. MBEL Acquisition:
   • Proposed acquisition of equity shares and NCDs of MBEL by InvIT.

This strategic investment is poised to enhance the infrastructure capabilities of IRB Infrastructure Trust, contributing to the development of a crucial expressway corridor in Uttar Pradesh.

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