Combination Registration No. C-2026/05/1422, Anantam Highways Trust (‘Anantam’), Build India Infrastructure Fund (‘BIIF’), Dilip Buildcon Limited (‘DBL’) and DBL Infraventures Private Limited (‘DBL Infraventures’)

Proposed Transaction

Anantam is an infrastructure investment trust sponsored by Alpha Alternatives Fund Advisors LLP and already holds seven road assets totalling 273.25 kms. The Alpha Alternatives group runs from Alpha Alternatives Fund Advisors LLP through Alpha Alternatives Holdings Private Limited to the Kothari Family Private Trust. The seven target SPVs, held by BIIF, DBL and DBL Infraventures, hold National Highways Authority of India (‘NHAI’) hybrid annuity mode concessions across several states: DAK Package I Expressway Private Limited (‘DPEPL’, Delhi-Amritsar-Katra Expressway), Bethamangala Expressway Private Limited (‘BEPL’, Bangarpet to Bethamangala on the Bengaluru-Chennai Expressway), Katra Expressway Private Limited (‘KEPL’, a further section of the Delhi-Amritsar-Katra Expressway), Raipur-Visakhapatnam-CG-2 Highways Limited (Sargi to Basanwahi on the Raipur-Visakhapatnam economic corridor), Bangarupalem Gudipala Highways Limited (Bangarupalem to Gudipala on the Bangalore-Chennai Expressway), Poondiyankuppam Highways Limited (Puducherry to Poondiyankuppam on NH-45A), and Mehgama-Hansdiha Highways Limited (Mehgama to Hansdiha on NH-133).

The CCI approved the acquisition by Anantam of 100% of the seven road SPVs. The transaction runs in two steps: Anantam purchases 100% of the seven SPVs from their existing shareholders, and those shareholders are then issued Anantam units in consideration. Because the consideration takes the form of infrastructure investment trust units, DBL group’s unitholding falls from 44.07% to 43.63% while Alpha Alternatives group’s rises from 37.54% to 46.18%. The notice was filed on May 13, 2026, pursuant to right of first offer agreements executed on September 19, 2025, with Axis Trustee Services Limited as trustee and the investment manager, and CCI approved the transaction on June 30, 2026.

CCI Findings

Horizontal Overlaps: The CCI found no horizontal overlap because the road projects sit in different geographic territories, but assessed the transaction anyway in the broader segment of road and highway assets in India, where the parties’ presence was in the [0-5]% band. It observed that competition for NHAI concessions plays out at the bidding stage between private players, and that acquiring SPVs holding operating road assets does not alter bidding dynamics.

Vertical Overlaps: The CCI also examined the vertical linkage between DBL group’s operation and maintenance services upstream and the concessionaire services provided by DPEPL, BEPL and KEPL downstream.