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

The Competitors Fee of India (CCI) has permitted 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 International SE) which have been included 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 (Personal InvIT) is a personal belief registered below the Indian Trusts Act 1882 and SEBI’s Infrastructure Funding Trusts Rules 2014. The sponsors of the belief are IRB Infrastructure Builders Ltd (IRB ListCo) and GIC. It’s working 14 highways belongings, that are being managed pursuant to the concessions granted by the respective nodal companies. 

The Personal InvIT invests in highway infrastructure belongings in India and all highway tasks of the Personal InvIT are held by SPVs. MMK Toll Street Pvt Ltd (IM) is the funding supervisor of the Personal 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 Personal InvIT by Cintra SPV 1 (InvIT Transaction); (ii) Simultaneous acquisition of roughly 24 per cent fairness shareholding together with the fitting to appoint a director on the board of administrators of the IM of the Personal InvIT by Cintra SPV 2 (IM Transaction).

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