CCI Approves Epic Concesiones' Full Acquisition of 11 Road Projects from Ashoka Group

The proposed combination involves the complete acquisition of equity in the Target SPVs—eleven road project companies—by EC2PL, a private entity focused on owning and operating infrastructure assets.

In a significant development in the infrastructure and roads sector, the Competition Commission of India (CCI) has granted its approval for the acquisition of 100% equity shareholding in 11 special purpose vehicles (SPVs) owned by Ashoka Concessions Limited (ACL) and Ashoka Buildcon Limited (ABL) by Epic Concesiones 2 Private Limited (EC2PL). This strategic transaction marks a major move in the consolidation of road infrastructure assets in India and reflects growing investor interest in operational road assets.

Details of the Proposed Transaction

The proposed combination involves the complete acquisition of equity in the Target SPVs—eleven road project companies—by EC2PL, a private entity focused on owning and operating infrastructure assets. These SPVs, originally established by Ashoka Concessions and Ashoka Buildcon, operate under various concession agreements with the Indian government and are engaged in the management and tolling of national and state highways across the country.

This acquisition is structured as an equity transaction, whereby EC2PL will take over all of the ownership of these SPVs. The move is expected to streamline operational efficiency and bring in long-term capital to further strengthen the road infrastructure segment.

About the Acquirer: Epic Concesiones 2 Private Limited

Epic Concesiones 2 Private Limited is a private limited company established with the purpose of owning and managing infrastructure projects, with a specific focus on the transport sector. EC2PL is ultimately owned by the Infrastructure Yield Trust, which operates through its two investment schemes—Infrastructure Yield Plus II (IYP II) and Infrastructure Yield Plus IIA (IYP IIA).

Both IYP II and IYP IIA are registered with the Securities and Exchange Board of India (SEBI) as Category I – Infrastructure Alternative Investment Funds (AIFs) under the SEBI (Alternative Investment Funds) Regulations, 2012. These funds are managed by EAAA India Alternatives Limited (EIAL), an experienced investment manager with a strategic focus on infrastructure assets. EIAL is an indirect wholly-owned subsidiary of Edelweiss Financial Services Limited (EFSL), which serves as the parent entity of EC2PL.

The Target SPVs and Their Role in India’s Infrastructure

The eleven SPVs being acquired are fully incorporated entities in India, established to develop, operate, and maintain highway and road projects under long-term concessions granted by various governmental authorities. These projects span key national and regional routes, playing a vital role in supporting freight and passenger transport across several Indian states.

By transferring the ownership of these projects to EC2PL, Ashoka Concessions and Ashoka Buildcon are effectively unlocking value from mature assets while enabling focused capital allocation toward other ongoing or new infrastructure developments.

Strategic Implications of the Acquisition

The acquisition underscores a continuing trend of monetization and consolidation within the infrastructure sector, particularly in roads and highways. For EC2PL and its investors, this move provides access to stable, income-generating assets with long-term potential. It also aligns with the Indian government's ambitious National Infrastructure Pipeline (NIP) and asset monetization goals.

Moreover, such transactions serve to deepen the infrastructure investment ecosystem in India, encouraging more institutional and long-term capital into core sectors. The deal also signals a maturing of the infrastructure asset class, where operational projects attract considerable interest from yield-seeking investors, both domestic and global.

CCI’s Approval and the Road Ahead

With the Competition Commission of India giving its nod, the deal has crossed a critical regulatory milestone. The approval reflects that the transaction is unlikely to cause any appreciable adverse effect on competition in the relevant markets.

Post-acquisition, EC2PL will take over operational control and management of the acquired SPVs. Industry observers will be keenly watching how this integration unfolds and whether similar asset transfers follow in other infrastructure verticals, including ports, energy, and urban transit.

This development represents a significant shift in the way infrastructure assets are financed and managed in India, with long-term funds and professional asset managers playing a more prominent role in delivering essential services and sustaining economic growth.