The Competition Commission of India has approved the acquisition of 100% equity shareholding in 11 road special purpose vehicles owned by Ashoka Concessions Limited and Ashoka Buildcon Limited by Epic Concesiones 2 Private Limited.

The Proposed Combination envisages acquisition of 100% equity shareholding by Epic Concesiones 2 Private Limited (EC2PL) in road 11 special purpose vehicles (Target SPVs) owned by Ashoka Concessions Limited (ACL) and Ashoka Buildcon Limited (ABL) (Proposed Equity Transaction).

EC2PL is a private limited company engaged in owning and operating infrastructure projects. It is owned by Infrastructure Yield Plus II (IYP II) & Infrastructure Yield Plus IIA (IYP IIA) (collectively IYP), which are both schemes of the Infrastructure Yield Trust, an irrevocable and determinate contributory investment trust under the Indian Trusts Act, 1882 and registered with the SEBI as a Category I – Infrastructure Alternative Investment Fund, under the SEBI (Alternative Investment Funds) Regulations, 2012. The investment manager of IYP II and IYP IIA is EAAA India Alternatives Limited (EIAL) which is an indirect wholly-owned subsidiary of EFSL, the parent entity of EC2PL.

The Target SPVs are eleven road SPVs have been incorporated in India and are engaged in the business of operating (through governmental concessions) roads and highways in India.

Detailed order of the Commission will follow.

Merger control: acquisition approval allows Epic Concesiones 2 to acquire road special purpose vehicles after regulatory clearance. Competition Commission approved Epic Concesiones 2 Private Limited's acquisition of 100% equity in eleven road special purpose vehicles owned by Ashoka Concessions Limited and Ashoka Buildcon Limited; EC2PL is owned by schemes of the Infrastructure Yield Trust and managed by an investment manager that is an indirect wholly owned subsidiary of the parent entity, and the target SPVs are Indian entities operating roads under governmental concessions, with a detailed Commission order to follow.