**Summary of CCI Approval for Indus Infra Trust’s Acquisition of KNR SPVs**
The Competition Commission of India (CCI) has approved the 100% equity shareholding acquisition of four Special Purpose Vehicles (SPVs) from KNR Constructions Limited (KNR) by Indus Infra Trust.
**Transaction Overview**
The transaction involves the total acquisition of the following KNR SPVs:
* KNR Palani Infra Private Limited (KPIPL)
* KNR Ramanattukara Infra Private Limited (KRIPL)
* KNR Guruvayur Infra Private Limited (KGIPL)
* KNR Ramagiri Infra Private Limited (KRAIPL)
**Key Entities**
* **The Acquirer:** Indus Infra Trust (Indus) is an irrevocable trust registered as an Infrastructure Investment Trust (InvIT) with the Securities Exchange Board of India (SEBI). It operates through its investment manager, GR Highways Investment Manager Private Limited (GRHIMPL), under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
* **The Seller:** KNR Constructions Limited is an infrastructure development company specializing in Engineering, Procurement, and Construction (EPC) as well as Operations and Management (O&M) services for roads, highways, irrigation, and water infrastructure.
* **The Targets (KNR SPVs):** These entities are responsible for infrastructure projects under concession agreements with the National Highway Authority of India (NHAI). These projects utilize the Hybrid Annuity Model (HAM) for development, construction, and maintenance.
**Administrative Details**
* **Release Date:** 07 APR 2026
* **Source:** PIB Delhi (Competition Commission of India)
* **Release ID:** 2249854
* **Visitor Counter:** 120
Key Entities Referenced
Competition Commission of India (CCI): The statutory regulatory body responsible for approving the 100% equity acquisition of KNR SPVs by Indus Infra Trust.
SEBI (Infrastructure Investment Trusts) Regulations, 2014: The regulatory framework governing the operations and registration of infrastructure investment trusts (InvITs) in India.
National Highway Authority of India (NHAI): The central authority that granted concession agreements to the SPVs for developing and maintaining road infrastructure projects.
Hybrid Annuity Model (HAM): The specific investment and project delivery initiative under which the infrastructure projects involved in the acquisition are developed.
Indian Trusts Act, 1882: The legislation under which the Acquirer Trust (Indus Infra Trust) is settled.
Competition Commission of India
CCI approves acquisition of 100% equity
shareholding of KNR SPVs by Indus Infra Trust
from KNR Constructions Ltd.
Posted On: 07 APR 2026 8:24PM by PIB Delhi
The Competition Commission of India (CCI) has approved the acquisition of 100% equity shareholding of
KNR SPVs by Indus Infra Trust from KNR Constructions Ltd.
The proposed combination involves the acquisition of 100% equity shareholding of KNR SPVs (KNR
Palani Infra Private Limited (KPIPL), KNR Ramanattukara Infra Private Limited (KRIPL), KNR
Guruvayur Infra Private Limited (KGIPL) and KNR Ramagiri Infra Private Limited (KRAIPL)) by Indus
Infra Trust (Acquirer Trust/Indus) acting through its investment manager, i.e., GR Highways Investment
Manager Private Limited (GRHIMPL/Investment Manager) from KNR Constructions Limited (KNR/
Seller).
The Acquirer Trust is an irrevocable trust settled under the Indian Trusts Act, 1882, and is registered as an
infrastructure investment trust (InvIT) with the Securities Exchange Board of India (SEBI).
It is governed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended and
supplemented from time to time by SEBI, including all guidelines, circulars, notifications and directions
issued by SEBI under these regulations from time to time (InvIT Regulations).
KNR SPVs have been incorporated as special purpose vehicles by KNR. The KNR SPVs have entered
into concession agreements with the National Highway Authority of India (NHAI) for developing,
building, operating and maintaining infrastructure projects under Hybrid Annuity Model (HAM).
KNR is a multi-domain infrastructure project development company providing engineering, procurement,
construction (EPC) and operations and management (O&M) services across various sectors such as roads
& highways, irrigation and urban water infrastructure management.
Detailed order of the Commission will follow.
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NB/ ONP
(Release ID: 2249854) Visitor Counter : 120
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