The Competition Commission of India has approved the proposed combination involving, inter alia, Maple Infrastructure Trust (MIT); CDPQ Infrastructures Asia III Inc. (CDPQ Asia); Maple Highways Pte. Ltd.; 360 ONE Private Equity Fund and certain road assets of the Ashoka Buildcon group.

The Proposed Combination involves the acquisition by MIT, acting through Maple Infra Invit Investment Manager Private Limited (Maple IM) of Ashoka Dhankuni Kharagpur Tollway Limited (ADKTL); Ashoka Sambalpur Baragarh Tollway Limited (ASBTL); Ashoka Belgaum Dharwad Tollway Limited (ABDTL); Ashoka Highways (Bhandara) Limited (AHBL); and Ashoka Highways (Durg) Limited (AHDL) (Proposed SPV Acquisitions) and certain inter-connected transactions.

MIT 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, on 24^th February 2020. MIT is, through its special purpose vehicles, engaged in the business of owning and operating road assets in India. Maple IM is the investment manager of MIT.

CPDQ Asia is a wholly owned subsidiary of Caisse de dépôt et de placement du Québec (CDPQ). CDPQ is a global investment group that manages the funds of its depositors, primarily comprised of public and para-public pension and insurance plans from Québec.

Maple Sponsor is the sponsor of MIT for purposes of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

360 ONE Private Equity Fund is registered with the SEBI as a Category II Alternative Investment Fund and is established for the purpose of investing in various sectors in India and worldwide. The 360 ONE Private Equity Fund is managed by its investment manager, 360 ONE Alternates Asset Management Limited.

ADKTL, ASBTL, ABDTL, AHBL and AHDL are engaged by the National Highway Authority of India Limited (NHAI) to provide infrastructure concession services.

Detailed order of the Commission will follow.

Competition approval for infrastructure combination enabling acquisition of toll-road SPVs by an infrastructure investment trust. The Competition Commission approved a proposed combination whereby Maple Infrastructure Trust, acting through Maple IM, will acquire five Ashoka Buildcon road SPVs (ADKTL, ASBTL, ABDTL, AHBL, AHDL) that operate NHAI-concessioned toll-road assets, in transactions involving Maple Sponsor, CDPQ Infrastructures Asia III Inc. and 360 ONE Private Equity Fund; MIT is a SEBI-registered infrastructure investment trust and 360 ONE is a SEBI-registered Category II AIF.