The Competition Commission of India (CCI) has approved a proposed combination involving Anantam Highways Trust (InvIT), Alpha Alternatives Fund Advisors LLP and its group entities (collectively, the Sponsor and Sponsor Group), along with Dilip Buildcon Ltd (DBL) and its wholly owned subsidiary DBL Infraventures Ltd (DIPL).

Under the proposed transaction, Anantam Highways Trust, acting through its Investment Manager (IM), will acquire 100% shareholding in eight Special Purpose Vehicles (SPVs): Dodaballapur Hoskote Highways Limited, Repallewada Highways Limited, Dhrol Bhadra Highways Limited, Narenpur Purnea Highways Limited, Villuppuram Highways Limited, Bangalore Malur Highways Limited, Malur Bangarpet Highways Limited, and DPJ Pollachi HAM Project Private Limited. Additionally, it will acquire a 49% stake in PHL. In exchange, the shareholders of these SPVs—namely the Sponsor, Sponsor Group, DBL, and DIPL—will receive units in the InvIT upon its listing.

Anantam Highways Trust, established under the Indian Trusts Act, 1882, was registered with SEBI as an Infrastructure Investment Trust (InvIT) on August 19, 2024. The Sponsor, part of the Alpha Alternatives Group, is a SEBI-registered investment advisor, portfolio manager, and investment manager for alternative investment funds, primarily active in the infrastructure sector.

Dilip Buildcon Ltd operates across various infrastructure segments including roads and highways, water supply and irrigation, metro and airport construction, tunnels, bridges, mining, and urban development. Its subsidiary, DIPL, is fully owned and together they form the DBL Group.

The SPVs being acquired operate road assets across multiple Indian states, enhancing the InvIT’s infrastructure portfolio.