<h1>Combination approval: InvIT acquisition of MBEL via NCD subscription, trust unit issuance and subsequent equity and NCD transfer.</h1> CCI approved a combination where IRB Infrastructure Trust will acquire interests in Meerut Budaun Expressway Limited through a sequence: (i) proposed NCD subscription of MBEL by IRB and Anahera with an alternate InvIT subscription, (ii) fresh issuance of InvIT units to existing unitholders (Trust Unit Issue), and (iii) acquisition by the InvIT of MBEL equity shares and NCDs. The InvIT is a SEBI-registered infrastructure investment trust holding concessioned toll-road assets; MBEL is the SPV for the Ganga Expressway Package I.