CCI Approves Infrastructure Deal Involving Maple Trust & CDPQ

26 Mar 2025 CW Team

The Competition Commission of India (CCI) has approved the proposed combination involving Maple Infrastructure Trust (MIT), CDPQ Infrastructures Asia III Inc. (CDPQ Asia), Maple Highways Pte. Ltd., 360 ONE Private Equity Fund, and specific road assets of the Ashoka Buildcon Group. This transaction represents a significant development in India’s road infrastructure sector.

The key entities involved are:

Maple Infrastructure Trust – Infrastructure investment trust CDPQ Asia – Subsidiary of global investment group CDPQ Maple Highways Pte. Ltd. – Road asset management firm 360 ONE Private Equity Fund – SEBI-registered investment fund

The Proposed Combination involves the acquisition of five special purpose vehicles (SPVs):

Ashoka Dhankuni Kharagpur Tollway Ltd (ADKTL) Ashoka Sambalpur Baragarh Tollway Ltd (ASBTL) Ashoka Belgaum Dharwad Tollway Ltd (ABDTL) Ashoka Highways (Bhandara) Ltd (AHBL) Ashoka Highways (Durg) Ltd (AHDL)

MIT, registered as an infrastructure investment trust with SEBI, owns and operates road assets in India. Maple Infra InvIT Investment Manager Pvt Ltd (Maple IM) serves as its investment manager.

CDPQ Asia, a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), brings global expertise in infrastructure investment, while 360 ONE Private Equity Fund, a SEBI-registered Category II Alternative Investment Fund, contributes strategic capital for growth.

These SPVs, operating under National Highways Authority of India (NHAI) concessions, are integral to India’s transport infrastructure. With this approval, CCI reinforces its role in fostering competitive and sustainable infrastructure investments, ensuring long-term efficiency in the road sector.

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