CCI Approves Maple Infrastructure Trust’s Acquisition of Key Ashoka Buildcon Road Assets

The acquisition is part of a larger network of inter-connected transactions involving equity investments and strategic collaborations among the parties.

In a major development in India’s infrastructure and investment space, the Competition Commission of India (CCI) has granted its approval to a significant acquisition proposal involving Maple Infrastructure Trust (MIT), CDPQ Infrastructures Asia III Inc. (CDPQ Asia), Maple Highways Pte. Ltd., 360 ONE Private Equity Fund, and five prominent road assets currently under the Ashoka Buildcon group.

Details of the Approved Combination

The proposed transaction entails the acquisition by MIT—acting through its investment manager, Maple Infra InvIT Investment Manager Private Limited (Maple IM)—of five infrastructure special purpose vehicles (SPVs) from the Ashoka Buildcon group. These entities are:

• Ashoka Dhankuni Kharagpur Tollway Limited (ADKTL)

• Ashoka Sambalpur Baragarh Tollway Limited (ASBTL)

• Ashoka Belgaum Dharwad Tollway Limited (ABDTL)

• Ashoka Highways (Bhandara) Limited (AHBL)

• Ashoka Highways (Durg) Limited (AHDL)

These five companies operate toll road concessions awarded by the National Highways Authority of India (NHAI), and are responsible for the construction, maintenance, and tolling of key stretches across different regions in India.

The acquisition is part of a larger network of inter-connected transactions involving equity investments and strategic collaborations among the parties.

About the Key Players

Maple Infrastructure Trust (MIT) is a private infrastructure investment trust registered under the Indian Trusts Act, 1882. It was registered as an Infrastructure Investment Trust (InvIT) under SEBI’s regulations on February 24, 2020. MIT is focused on owning and operating operational road assets in India, primarily through SPVs. The trust’s operations are managed by Maple Infra InvIT Investment Manager Private Limited (Maple IM), which serves as the designated investment manager.

Maple Sponsor—a central player in the transaction—is the designated sponsor of MIT under the SEBI InvIT Regulations, responsible for seeding assets into the trust and guiding its overall strategy.

CDPQ Infrastructures Asia III Inc. (CDPQ Asia) is a wholly-owned subsidiary of Caisse de dépôt et placement du Québec (CDPQ), a major global investment group headquartered in Québec, Canada. CDPQ manages public and para-public pension and insurance funds and has made significant inroads into India’s infrastructure sector over the past decade.

Maple Highways Pte. Ltd., another party in the combination, is part of the broader CDPQ infrastructure platform and is used for investments in road projects across Asia.

360 ONE Private Equity Fund, an entity registered with SEBI as a Category II Alternative Investment Fund, also joins the transaction as an investor. The fund is managed by 360 ONE Alternates Asset Management Limited and focuses on diversified investments across sectors in India and internationally.

Strategic Implications

This acquisition is expected to consolidate MIT’s portfolio of toll road assets and expand its footprint across key corridors in India’s national highway network. It also represents another strong push by CDPQ into the Indian infrastructure market, aligning with its global mandate to invest in long-term, stable, income-generating assets.

Furthermore, this marks a continued trend in the Indian infrastructure sector where InvITs, backed by deep-pocketed global pension funds and private equity investors, are acquiring operational assets from EPC (Engineering, Procurement, and Construction) firms like Ashoka Buildcon. The proceeds from such divestments enable EPC firms to recycle capital and focus on new project development.

CCI's Green Light

The CCI's approval under the Competition Act, 2002, clears the regulatory path for the transaction to move forward. It indicates that the deal is not likely to have any adverse effect on competition in the relevant market.

This move is also in line with the Indian government's broader objective to mobilize private capital in infrastructure through vehicles like InvITs and REITs, thereby supporting the National Infrastructure Pipeline (NIP) and related initiatives.

The approval of this combination reflects the growing maturity of India’s infrastructure financing ecosystem and underlines the role of global and domestic investors in scaling up operational assets. With strategic players like MIT, CDPQ, and 360 ONE at the helm, the future of India’s highway sector looks set for more institutional participation and enhanced capital efficiency.