CCI okays equity and CCD allotment of five highway SPVs by Indinfravit

The Competition Commission of India (CCI) on Monday approved the allotment of equity and compulsorily convertible debentures of five special purpose vehicles (SPVs) by Indinfravit, which is an Infrastructure Investment Trust (InvIT) with a portfolio of 13 toll roads across several states.

The five SPVs are engaged in operating and maintaining highways in the states of Andhra Pradesh, Uttar Pradesh, Bihar and Maharashtra, CCI said.

The competition regulator also approved allotment of Indinfravit's units to CPP Investments Private Holdings (4) Inc (CPHI-4), through which part of the acquisition of the SPVs will be funded. CPHI-4 is a Canadian corporation and an investment holding company which invests in a diversified portfolio of assets.

CPP Investments, a Canadian Pension Fund, is a unitholder in the National Highways Authority of India's InvIT. The trust has so far raised Rs 7,200 crore of capital through two tranches.