CCI Approves Cintra's Acquisition in IRB Infra Trust & MMK Toll Road

The Competition Commission of India (CCI) has approved the proposed acquisition by Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2) in IRB Infrastructure Trust and MMK Toll Road Private Limited. The two special purpose vehicles (SPVs) are wholly-owned subsidiaries of Cintra Global S.E., which belongs to the Ferrovial group and is based in the Netherlands.

Cintra SPV 1 and Cintra SPV 2 were specifically incorporated for this acquisition. The Cintra division of the Ferrovial group is involved in the development and management of toll roads, while the broader Ferrovial group engages in global transport infrastructure development, mobility solutions, engineering, and the construction of civil works and buildings.

The approved transaction involves two key components:

InvIT Transaction: Cintra SPV 1 will acquire approximately 24% of the issued and outstanding unitholding (on a fully-diluted basis) along with certain commercially negotiated rights in IRB Infrastructure Trust.
IM Transaction: Cintra SPV 2 will simultaneously acquire approximately 24% equity shareholding along with the right to nominate a director on the board of directors of the investment manager of the Private InvIT.

This strategic acquisition marks a significant step for Cintra and the Ferrovial group in expanding their presence in the Indian infrastructure sector.