The Competition Commission of India (CCI) has approved acquisition by Shrem InvIT of equity in ten road infrastructure projects (Target SPVs) from Dilip Buildcon (DBL) and its associates under Section 31(1) of the Competition Act, 2002.
The Proposed Combination involves an acquisition of 100% of the equity in the Target SPVs by the acquirer. It also entails issue of certain of units of Shrem InvIT to DBL and its associates as consideration for the acquisition.
Shrem InvIT is a trust registered under the Indian Trusts Act, 1882 and with SEBI under InvIT Regulations 2014. It has been set-up for the purpose of carrying on the activity of an infrastructure investment trust.
The Target SPVs are undertaking the road projects in the state of Karnataka, Jharkhand, Andhra Pradesh, Maharashtra, Odisha, Madhya Pradesh and Chhattisgarh. They have been incorporated for the purpose of developing specific road projects.
Dilip Buildcon’s core business is undertaking construction projects across India in the roads and irrigation sectors. They specialize in constructing state and national highways, city roads, culverts and bridges.
