CCI Approves Ashoka Buildcon's Stake Acquisition in Ashoka Concessions

16 Jan 2025 CW Team

The Competition Commission of India (CCI) has approved Ashoka Buildcon's proposal to acquire the remaining 34% equity stake in Ashoka Concessions Ltd (ACL). With this approval, Ashoka Concessions will become a wholly-owned subsidiary of Ashoka Buildcon, which currently holds a 66% stake in the company. The transaction involves Ashoka Buildcon acquiring the remaining equity shares of ACL and certain convertible instruments of ACL by Ashoka Buildcon and its subsidiary, Viva Highways. In addition, Viva Highways will acquire a 26% equity stake in Jaora Nayagaon Toll Road Company (JN) for Rs 1.5 billion. Ashoka Buildcon specialises in engineering, procurement, and construction (EPC) across multiple sectors and operates road assets through EPC, Build Operate and Transfer (BOT), and Hybrid Annuity Model (HAM) frameworks. ACL, as the infrastructure arm of the Ashoka Group, manages road and highway operations through subsidiaries under BOT arrangements. The acquisition aligns with Ashoka Buildcon's October 2024 announcement to purchase 100% of ACL's investments for approximately Rs 15.26 billion. A share purchase agreement was also signed with Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trust to acquire their 34% equity shares in ACL. The CCI's approval ensures compliance with regulatory thresholds while promoting fair competition in the market. (ET)

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