CCI approves mixture involving Cintra acquisition in IRB Infrastructure Belief and MMK Toll Street 

The Competitors Fee of India (CCI) has accepted the proposed mixture involving acquisition in IRB Infrastructure Belief and MMK Toll Street Pvt Ltd by Cintra.

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Cintra InvIT Investments BV (Cintra SPV 1) and Cintra IM Investments BV (Cintra SPV 2) are collectively known as “acquirers.”

The acquirers are SPVs (wholly-owned subsidiaries of Cintra World SE) which have been integrated within the Netherlands for the aim of the proposed mixture and belong to the Ferrovial group. 

The Cintra division of the Ferrovial group undertakes actions in relation to toll highway improvement and administration and the Ferrovial group is a worldwide developer of transport infrastructure, mobility options and engineering and is engaged within the development of civil works and buildings.

IRB Infrastructure Belief (Non-public InvIT) is a personal belief registered beneath the Indian Trusts Act 1882 and SEBI’s Infrastructure Funding Trusts Laws 2014. The sponsors of the belief are IRB Infrastructure Builders Ltd (IRB ListCo) and GIC. It’s working 14 highways property, that are being managed pursuant to the concessions granted by the respective nodal businesses. 

The Non-public InvIT invests in highway infrastructure property in India and all highway tasks of the Non-public InvIT are held by SPVs. MMK Toll Street Pvt Ltd (IM) is the funding supervisor of the Non-public InvIT which is an InvIT registered with the SEBI.

Proposed mixture

The proposed mixture includes: (i) Acquisition of roughly 24 per cent of the issued and excellent unitholding (on a fully-diluted foundation) together with sure commercially negotiated rights within the Non-public InvIT by Cintra SPV 1 (InvIT Transaction); (ii) Simultaneous acquisition of roughly 24 per cent fairness shareholding together with the suitable to appoint a director on the board of administrators of the IM of the Non-public InvIT by Cintra SPV 2 (IM Transaction).

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In one other transfer, the CCI has accepted the proposed mixture involving acquisition by IRB Infrastructure Belief in Meerut Budaun Expressway Ltd.