CCI Approves Dilip Buildcon’s HAM Projects Transfer to Anantam Highways InvIT

The Competition Commission of India (CCI) has approved the proposed combination involving Anantam Highways Trust (InvIT), Alpha Alternatives Fund Advisors LLP (Alpha Alternatives), Dilip Buildcon (DBL), and DBL Infraventures (DIPL).

Under the proposed deal, Anantam Highways Trust, through its investment manager, will acquire 100% stake in eight highway project SPVs—Dodaballapur Hoskote Highways, Repallewada Highways, Dhrol Bhadra Highways, Narenpur Purnea Highways, Villuppuram Highways, Bangalore Malur Highways, Malur Bangarpet Highways, and DPJ Pollachi HAM Project. It will also acquire a 49% stake in PHL.

In exchange, the existing shareholders, Alpha Alternatives, DBL, and DIPL, will be allotted units in the InvIT upon its listing.

Anantam Highways Trust was set up by the Sponsor as a contributory, determinate, irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Trust was registered as an infrastructure investment trust with the SEBI under the InvIT Regulations on August 19, 2024.

The Sponsor is a limited liability partnership incorporated in India. It is registered as an investment advisor, portfolio manager and investment manager to alternative investment funds with SEBI. It provides fund and asset management services to its clients and makes investment in various companies engaged in, amongst others, the infrastructure sector. The Sponsor and Sponsor Group form part of the Alpha Alternatives Group.

DBL is largely engaged in the following segments: (i) construction of road and highways; (ii) construction of water supply and irrigation projects; (iii) metro and airports constructions; (iv) tunnel construction projects; (v) mining operations projects on an EPC basis; (vi) special bridges and urban development; and (vii) infrastructure maintenance and operations business, under which DBL undertake maintenance and operation of BOT road projects with a presence in 19 states and 1 union territory in India.