English 
CCI Approves Cintra’s Acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited
The Competition Commission of India (CCI) has given its nod to the proposed acquisition involving IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra, a prominent division of the Ferrovial group. This approval marks a significant milestone in the realm of infrastructure and toll road development in India.
The acquirers, Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2), are special purpose vehicles (SPVs) wholly owned by Cintra Global S.E. and incorporated in the Netherlands specifically for this transaction. Cintra, under the Ferrovial group, is renowned globally for its expertise in toll road development and management, as well as its extensive portfolio in transport infrastructure, mobility solutions, and civil engineering.
IRB Infrastructure Trust, a private trust registered under the Indian Trusts Act 1882 and SEBI’s Infrastructure Investment Trusts Regulations 2014, is co-sponsored by IRB Infrastructure Developers Ltd (IRB ListCo) and GIC. The trust oversees 14 highway assets managed under concessions granted by various nodal agencies and invests in road infrastructure projects across India. MMK Toll Road Private Limited serves as the investment manager of this trust.
The approved combination entails two key transactions:
- InvIT Transaction: Cintra SPV 1 will acquire approximately 24% of the issued and outstanding unitholding (on a fully-diluted basis) in the Private InvIT along with certain commercially negotiated rights.
- IM Transaction: Cintra SPV 2 will simultaneously acquire approximately 24% equity shareholding and the right to nominate a director on the board of directors of the investment manager of the Private InvIT.
This strategic acquisition underscores Cintra’s commitment to expanding its footprint in the Indian infrastructure sector. With this approval, the Ferrovial group aims to leverage its global expertise to enhance the management and development of toll roads and other infrastructure projects in India, contributing to the nation’s growing infrastructure needs.
The transaction is expected to bring about significant advancements in the efficiency and management of road infrastructure in India, paving the way for improved transportation networks and economic growth.
