CCI Approves Acquisition By Cube Highways Trust

25 May 2026 CW Team

Cube Trust is an infrastructure investment trust (InvIT) registered with the Securities and Exchange Board of India (SEBI). The InvIT structure pools investor capital for infrastructure assets, and Cube Trust has been active in acquiring and managing toll road assets across India. The Target SPVs are road operating entities incorporated in India and have operated assets under governmental concessions. The proposed combination transfers operational control through equity acquisition while preserving concession arrangements.

The Target SPVs perform toll collection, maintenance and management of highways and related facilities under the terms of concession agreements with government authorities. BFHL, DTPL, WMPTL and CNTL together cover distinct corridors and tunnels with separate concession contracts and obligations. The regulatory clearance from CCI clears a key milestone in the regulatory scrutiny required for such infrastructure consolidations in India. Stakeholders will await the Commission's detailed order for conditions or remedies, if any.

The clearance is procedural and does not itself alter concession terms, which remain governed by existing agreements and applicable law. Further corporate and regulatory filings will follow as parties complete the acquisition process and meet any conditions specified by the Commission. The press release did not provide financial details or timelines for completion. Readers were referred to the forthcoming detailed order for additional information.

The Competition Commission of India (CCI) has approved the proposed acquisition by Cube Highways Trust (Cube Trust) of four road special-purpose vehicles. The transaction concerns the purchase of 100 per cent of the equity share capital of Baharampore-Farakka Highways (BFHL), Devanahalli Tollway Private (DTPL), Western MP Infrastructure and Toll Roads Private (WMPTL) and Chenani Nashri Tunnelway (CNTL), collectively the Target SPVs. The approval was conveyed in a brief release by the regulator, and a detailed order will follow. The announcement was published by the Press Information Bureau (PIB) on 20 May 2026. Cube Trust is an infrastructure investment trust (InvIT) registered with the Securities and Exchange Board of India (SEBI). The InvIT structure pools investor capital for infrastructure assets, and Cube Trust has been active in acquiring and managing toll road assets across India. The Target SPVs are road operating entities incorporated in India and have operated assets under governmental concessions. The proposed combination transfers operational control through equity acquisition while preserving concession arrangements. The Target SPVs perform toll collection, maintenance and management of highways and related facilities under the terms of concession agreements with government authorities. BFHL, DTPL, WMPTL and CNTL together cover distinct corridors and tunnels with separate concession contracts and obligations. The regulatory clearance from CCI clears a key milestone in the regulatory scrutiny required for such infrastructure consolidations in India. Stakeholders will await the Commission's detailed order for conditions or remedies, if any. The clearance is procedural and does not itself alter concession terms, which remain governed by existing agreements and applicable law. Further corporate and regulatory filings will follow as parties complete the acquisition process and meet any conditions specified by the Commission. The press release did not provide financial details or timelines for completion. Readers were referred to the forthcoming detailed order for additional information.

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