The Competition Commission of India has approved acquisition of Athaang Devanahalli Tollway Private Limited, Athaang Jammu Udhampur Highway Private Limited and Quazigund Expressway Private Limited by Cube Highways Trust and Cube Highways and Infrastructure V Pte. Ltd.

The Proposed Combination envisages:

1. acquisition of 100% shareholding of Athaang Devanahalli Tollway Private Limited (ADTPL) by Cube Highways and Infrastructure V Pte. Ltd. (Cube V); and
2. acquisition of 100% shareholding of (i) Athaang Jammu Udhampur Highway Private Limited (AJUHPL), and (ii) Quazigund Expressway Private Limited (QEPL) by Cube Highways Trust (Cube Trust).

(Hereinafter ADTPL, AJUHPL and QEPL are collectively referred to as the ‘Targets’)

The Cube Trust is an infrastructure investment trust registered with the Securities and Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (as amended). The road assets/ SPVs of Cube Trust are engaged, inter alia, in the operation and maintenance (O&M) of various road and highway projects in India.

Cube V is registered as a foreign portfolio investor with the SEBI and acquires, operates and manages road assets in India.

The Targets have been incorporated in India as special purpose vehicles 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 clearance: acquisition of road SPVs approved, permitting transfer of operational highway concessions to infrastructure investors. Merger control clearance was granted for a combination in which Cube Highways and Infrastructure V Pte. Ltd. will acquire Athaang Devanahalli Tollway Private Limited and Cube Highways Trust will acquire Athaang Jammu Udhampur Highway Private Limited and Quazigund Expressway Private Limited, transferring ownership and control of operational road and highway concession assets held by these Indian special purpose vehicles.