Date: 2026-04-28Category: Press ReleaseState: Union GovernmentCountry: India
CCI approves proposed acquisition by MAIF 4 Investments India 2 Pte. Ltd. of 42.5% equity share capital of Maple IM, 40% equity share capital of Maple PM and up to 37.5% of units of Maple Trust
The Competition Commission of India (CCI) has approved the proposed acquisition of equity share capital and units in Maple IM, Maple PM, and Maple Trust by MAIF 4 Investments India 2 Pte. Ltd. (MAIF 4 India 2).
**Transaction Overview**
The approved "Proposed Transaction" consists of three primary components:
* **IM Transaction:** Acquisition of 42.5% of the equity share capital of Maple Infra InvIT Investment Manager Private Limited (Maple IM).
* **PM Transaction:** Acquisition of 40.0% of the equity share capital of Maple Highway Project Management Private Limited (Maple PM).
* **Units Transaction:** Acquisition of up to 37.5% of the units of Maple Infrastructure Trust (Maple Trust).
**Profiles of Involved Entities**
* **Acquirer (MAIF 4 India 2):** A newly incorporated investment vehicle wholly owned by the Macquarie Asia-Pacific Infrastructure Fund 4. The ultimate controlling entity is Macquarie Group Limited.
* **Maple Trust:** A private trust settled under the Indian Trusts Act, 1882, and registered as an infrastructure investment trust (InvIT) under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. Through its special purpose vehicles, Maple Trust owns and operates road assets in India under government concessions.
* **Maple IM:** Serves as the investment manager for Maple Trust.
* **Maple PM:** Serves as the project manager for Maple Trust.
**Administrative Details**
* **Posting Date:** April 28, 2026, 8:51 PM (PIB Delhi)
* **Release ID:** 2256396
* **Status:** A detailed order from the Commission regarding this approval is forthcoming.
Key Entities Referenced
Competition Commission of India: The statutory regulator that approved the acquisition of stakes in Maple IM, Maple PM, and Maple Trust.
Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014: The regulatory framework governing the registration and operation of infrastructure investment trusts like Maple Trust.
Indian Trusts Act, 1882: The primary legislation under which Maple Infrastructure Trust was established as a private trust.
Competition Commission of India
CCI approves proposed acquisition by MAIF 4
Investments India 2 Pte. Ltd. of 42.5% equity
share capital of Maple IM, 40% equity share
capital of Maple PM and up to 37.5% of units of
Maple Trust
Posted On: 28 APR 2026 8:51PM by PIB Delhi
The Competition Commission of India (CCI) has approved the proposed acquisition by MAIF 4
Investments India 2 Pte. Ltd. of 42.5% of the equity share capital of Maple IM, 40.0% of the equity share
capital of Maple PM and up to 37.5% of the units of Maple Trust.
The proposed combination entails the acquisition by MAIF 4 Investments India 2 Pte. Ltd. (MAIF 4 India
2/Acquirer) of the following:
i. 42.5% of the equity share capital of Maple Infra InvIT Investment Manager Private Limited
(Maple IM) (IM Transaction);
ii. 40.0% of the equity share capital of Maple Highway Project Management Private Limited
(Maple PM) (PM Transaction); and
iii. up to 37.5% of the units of Maple Infrastructure Trust (Maple Trust) (Units Transaction).
(The IM Transaction, PM Transaction and Units Transaction are collectively referred to as the “Proposed
Transaction”)
MAIF4 India 2 is a newly incorporated investment vehicle wholly owned by the Macquarie Asia-Pacific
Infrastructure Fund 4, whose ultimate controlling person is Macquarie Group Limited.
Maple IM is the investment manager of Maple Trust.
Maple PM is the project manager of Maple Trust.
Maple Trust is a private trust settled under the Indian Trusts Act, 1882, and was registered as an
infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment
Trusts) Regulations, 2014.
Maple Trust is, through its special purpose vehicles, engaged in the business of owning and operating road
assets (through government concessions) in India.
Detailed order of the Commission will follow.
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NB/ONP
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