Maple Infrastructure Trust To Expand India Portfolio

13 Jan 2025 CW Team

Acting through its investment manager, Maple Infra InvIT Investment Manager Private Limited, MIT aims to acquire Ashoka Dhankuni Kharagpur Tollway Limited (ADKTL), Ashoka Sambalpur Baragarh Tollway Limited (ASBTL), Ashoka Belgaum Dharwad Tollway Limited (ABDTL), Ashoka Highways (Bhandara) Limited (AHBL), and Ashoka Highways (Durg) Limited (AHDL).

This acquisition will strengthen MIT’s portfolio of road assets across key States, including West Bengal, Odisha, Karnataka, Maharashtra, and Chhattisgarh. These projects, developed under concession agreements with the National Highway Authority of India (NHAI), include six- and four-lane toll roads with a combined length of over 400 km. The move highlights MIT’s commitment to enhancing India’s road infrastructure and aligns with its growth strategy under the Securities and Exchange Board of India (SEBI) Infrastructure Investment Trusts framework.

The acquisition, referred to collectively as the “Proposed Transactions,” also includes inter-connected deals involving key stakeholders such as CDPQ Infrastructures Asia III Inc., the global investment arm of Québec’s pension funds; Maple Highways Pte. Ltd.; and 360 ONE Private Equity Fund. The latter is managed by 360 ONE Alternates Asset Management and specialises in diversified investments across India and global markets.

The transactions are unlikely to raise competition concerns due to MIT’s role as an infrastructure trust focused on operating and owning road assets in India. However, the Competition Commission of India (CCI) has been notified under the Combination Regulations 2024, with the ‘market for road assets’ suggested as the relevant market for evaluation. This strategic consolidation by MIT comes at a crucial time when infrastructure development is seen as a critical driver of economic growth.

The acquisitions will not only enhance operational efficiencies but also strengthen MIT’s position as a key player in India’s toll road and highway segment, while paving the way for future investments in this sector.

Maple Infrastructure Trust (MIT), a leading player in India’s road infrastructure sector, has proposed the acquisition of five major toll road projects, signalling a significant expansion of its footprint in the country. Acting through its investment manager, Maple Infra InvIT Investment Manager Private Limited, MIT aims to acquire Ashoka Dhankuni Kharagpur Tollway Limited (ADKTL), Ashoka Sambalpur Baragarh Tollway Limited (ASBTL), Ashoka Belgaum Dharwad Tollway Limited (ABDTL), Ashoka Highways (Bhandara) Limited (AHBL), and Ashoka Highways (Durg) Limited (AHDL). This acquisition will strengthen MIT’s portfolio of road assets across key States, including West Bengal, Odisha, Karnataka, Maharashtra, and Chhattisgarh. These projects, developed under concession agreements with the National Highway Authority of India (NHAI), include six- and four-lane toll roads with a combined length of over 400 km. The move highlights MIT’s commitment to enhancing India’s road infrastructure and aligns with its growth strategy under the Securities and Exchange Board of India (SEBI) Infrastructure Investment Trusts framework. The acquisition, referred to collectively as the “Proposed Transactions,” also includes inter-connected deals involving key stakeholders such as CDPQ Infrastructures Asia III Inc., the global investment arm of Québec’s pension funds; Maple Highways Pte. Ltd.; and 360 ONE Private Equity Fund. The latter is managed by 360 ONE Alternates Asset Management and specialises in diversified investments across India and global markets. The transactions are unlikely to raise competition concerns due to MIT’s role as an infrastructure trust focused on operating and owning road assets in India. However, the Competition Commission of India (CCI) has been notified under the Combination Regulations 2024, with the ‘market for road assets’ suggested as the relevant market for evaluation. This strategic consolidation by MIT comes at a crucial time when infrastructure development is seen as a critical driver of economic growth. The acquisitions will not only enhance operational efficiencies but also strengthen MIT’s position as a key player in India’s toll road and highway segment, while paving the way for future investments in this sector.

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