CCI Approves Cintra's Acquisition in IRB Infrastructure Trust and MMK Toll Road

The Competition Commission of India (CCI) has approved the proposed combination involving Cintra's acquisition in IRB Infrastructure Trust and MMK Toll Road Pvt Ltd.

The acquirers, Cintra InvIT Investments BV (Cintra SPV 1) and Cintra IM Investments BV (Cintra SPV 2), are special purpose vehicles (SPVs) wholly owned by Cintra Global SE, a part of the Ferrovial group based in the Netherlands. The Ferrovial group specializes in toll road development and management, as well as global transport infrastructure, mobility solutions, and civil and building construction.

IRB Infrastructure Trust, a private trust registered under the Indian Trusts Act 1882 and SEBI’s Infrastructure Investment Trusts Regulations 2014, is sponsored by IRB Infrastructure Developers Ltd (IRB ListCo) and GIC. The trust manages 14 highway assets under concessions granted by respective nodal agencies and invests in road infrastructure assets in India through SPVs. MMK Toll Road Pvt Ltd (IM) serves as the investment manager of the Private InvIT.

The proposed combination includes:

1. Cintra SPV 1 acquiring approximately 24% of the issued and outstanding unitholding (on a fully diluted basis) along with certain commercially negotiated rights in the Private InvIT (InvIT Transaction).


2. Cintra SPV 2 simultaneously acquiring approximately 24% equity shareholding along with the right to nominate a director on the board of directors of the IM of the Private InvIT (IM Transaction).

In another move, the CCI has also approved the proposed acquisition by IRB Infrastructure Trust in Meerut Budaun Expressway Ltd.

HBL