CCI Clears Cube V’s Acquisition of Four Highway Assets in India

The Competition Commission of India (CCI) has approved the proposed acquisition by Cube Highways and Infrastructure V Pte. Ltd. (Cube V) of the road asset businesses of four infrastructure companies, marking another consolidation move in India's highway sector.

The approved transaction involves the indirect purchase of highway assets operated by:

• Dinesh Chandra Yamuna Infra Pvt. Ltd. (DYIPL)

• Dinesh Chandra Vaishnodevi Infra Pvt. Ltd. (DVIPL)

• Dinesh Chandra Giriraj Infra Pvt. Ltd. (DGIPL)

• Dineshchandra Trans-Eastern Highways Pvt. Ltd. (DTEHPL)

These assets collectively form the Target Businesses, which operate road and highway projects in India under government concession agreements.

Strategic Expansion of Cube Highways' Road Portfolio

Cube V, the acquiring entity, is registered as a Foreign Portfolio Investor with the Securities and Exchange Board of India (SEBI).

The company focuses on acquiring, operating and managing highway and transportation infrastructure assets in India, with the goal of building a world-class portfolio of road infrastructure projects.

The acquisition of these four highway businesses will expand Cube's footprint in India's fast-growing transportation infrastructure sector.

Target Companies Operate Highway Concessions

The businesses being acquired are currently housed within DYIPL, DVIPL, DGIPL and DTEHPL, respectively.

These entities are engaged in the operation and management of roads and highways through concession agreements awarded by government authorities, a common model used in India's public-private partnership (PPP) framework for infrastructure development.

Regulatory Approval Granted

After reviewing the proposed transaction, the Competition Commission of India approved the combination, indicating that the deal does not raise significant competition concerns in the relevant market.

The competition regulator said that a detailed order outlining the Commission's assessment will be issued later.

Continued Investment in India's Infrastructure Sector

The approval reflects continued investor interest in India's highway and transport infrastructure, which has seen increased private investment in recent years due to large-scale government road development programmes and stable concession frameworks.

Infrastructure investment platforms such as Cube Highways have been actively acquiring operational road assets to expand their portfolios and support the development of India's logistics and transport networks.