Date: 2026-07-01Category: Press ReleaseState: Union GovernmentCountry: India
CCI approves proposed combination involving acquisition of shareholding of seven SPVs by Anantam Highways Trust (InvIT) and issuance of the units of InvIT to Build India Infrastructure Fund (BIIF), Dilip Buildcon and DBL Infraventures
**Executive Summary**
The Competition Commission of India (CCI) has approved a proposed combination involving the acquisition of seven Special Purpose Vehicles (SPVs) by Anantam Highways Trust (InvIT). The transaction includes the issuance of InvIT units to Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL), and DBL Infraventures Pvt. Ltd. (DIPL). The approval was announced on July 01, 2024, with a detailed order expected to follow.
**Key Points / Main Content**
**Transaction Overview**
* **Acquisition:** Anantam Highways Trust (InvIT) will acquire the shareholding of seven target SPVs.
* **Unit Issuance:** In exchange or as part of the combination, the InvIT will issue units to BIIF, DBL, and DIPL.
**Target SPVs**
The seven highway-related SPVs included in the acquisition are:
* DAK Package I Expressway Pvt. Ltd.
* Bethamangala Expressway Pvt. Ltd.
* Katra Expressway Pvt. Ltd.
* Raipur-Visakhapatnam-CG-2 Highways Ltd.
* Bangarupalem Gudipala Highways Ltd.
* Poondiyankuppam Highways Ltd.
* Mehgama-Hansdiha Highways Ltd.
**Profiles of the Involved Parties**
* **Anantam Highways Trust (InvIT):** A SEBI-registered infrastructure investment trust established as a contributory, determinate, and irrevocable trust under the Indian Trusts Act.
* **Build India Infrastructure Fund (BIIF):** A Category II Alternative Investment Fund (AIF) that manages investments in debt and equity-linked instruments to provide capital returns to contributors.
* **Dilip Buildcon Limited (DBL):** A public listed Engineering, Procurement, and Construction (EPC) and Operation & Maintenance (O&M) company focused on infrastructure projects like roads, irrigation, and airports.
* **DBL Infraventures Pvt. Ltd. (DIPL):** A wholly-owned subsidiary of DBL engaged in various infrastructure construction and development works.
**Impact Analysis**
**Anantam Highways Trust (InvIT)**
**Impact**
The InvIT will expand its portfolio by acquiring seven highway SPVs and will expand its unit-holder base by issuing units to BIIF and the DBL Group.
**Action Required**
The Trust must await and comply with the detailed order from the Commission regarding the acquisition.
**Build India Infrastructure Fund (BIIF)**
**Impact**
BIIF will acquire units in the Anantam Highways Trust as part of its investment strategy for capital appreciation and returns.
**Action Required**
The fund must manage the newly issued units in accordance with applicable laws and its trust documents.
**Dilip Buildcon Limited (DBL) and DBL Infraventures Pvt. Ltd. (DIPL)**
**Impact**
As the parent group of the SPVs, these entities will receive units of the InvIT, effectively converting their shareholding in specific SPVs into units of the broader investment trust.
**Action Required**
The entities must finalize the transfer of shareholdings in the seven target SPVs to the InvIT as per the approved combination terms.
**Seven Target SPVs**
**Impact**
The ownership of these seven entities will transition to the Anantam Highways Trust.
**Action Required**
The SPVs must facilitate the transfer of shareholding to the InvIT following the regulatory approval.
Key Entities Referenced
Competition Commission of India (CCI): The regulatory body that approved the acquisition of shareholding in seven SPVs and the issuance of InvIT units.
Anantam Highways Trust (InvIT): An infrastructure investment trust registered with SEBI that is acquiring shareholding in seven highway project special purpose vehicles (SPVs).
Build India Infrastructure Fund (BIIF): A Category II Alternative Investment Fund and a primary recipient of the units issued by the Anantam Highways Trust.
Dilip Buildcon Limited (DBL): An engineering and construction company involved in the transaction as a recipient of InvIT units.
SEBI (Infrastructure Investment Trusts) Regulations: The regulatory framework governing the registration and operation of the Anantam Highways Trust.
Competition Commission of India
CCI approves proposed combination involving
acquisition of shareholding of seven SPVs by
Anantam Highways Trust (InvIT) and issuance of
the units of InvIT to Build India Infrastructure
Fund (BIIF), Dilip Buildcon and DBL Infraventures
प्रव तथ: 01 JUL 2026 6:18PM by PIB Delhi
The Competition Commission of India (CCI) has approved the proposed combination involving the
acquisition of shareholding of seven SPVs by Anantam Highways Trust (InvIT) and the issuance of the
units of the InvIT to Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL) and DBL
Infraventures Pvt. Ltd. (DIPL).
The Proposed Combination entails (a) the acquisition of shareholding of the seven target SPVs, i.e. DAK
Package I Expressway Pvt. Ltd., Bethamangala Expressway Pvt. Ltd., Katra Expressway Pvt. Ltd., Raipur-
Visakhapatnam-CG-2 Highways Ltd., Bangarupalem Gudipala Highways Ltd., Poondiyankuppam
Highways Ltd. and Mehgama-Hansdiha Highways Ltd. by the InvIT and (b) the issuance of units of the
InvIT to BIIF, DBL and DIPL.
The InvIT was set up as a contributory, determinate, irrevocable trust under the provisions of the Indian
Trusts Act and is registered as an infrastructure investment trust with the SEBI under the InvIT
Regulations.
BIIF is a category II Alternative Investment Fund that arranges, makes, manages and disposes of
investments in debt and/or equity and equity-linked instruments and/or preference shares and/or other
permissible securities with the view to providing capital appreciation and returns to the contributors in
accordance with applicable laws and the trust documents.
DBL is a public listed company with its equity shares listed on the National Stock Exchange and Bombay
Stock Exchange. It is an Engineering, Procurement, and Construction and Operation & Maintenance
company in India, undertaking projects in roads, irrigation, mining, airports, specialized bridges, tunnels,
and urban development projects across India.
DIPL is a wholly-owned subsidiary of DBL which is engaged in infrastructure work as contracted from
various governments and construction and development of ways, culverts, dams, bridges, railways,
tramways etc. DBL and DIPL belong to the DBL Group.
Detailed order of the Commission will follow.
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SR/ONP
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