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The Competition Commission of India (CCI) has approved Cube Highways and Infrastructure V Pte. Ltd's acquisition of certain road asset businesses belonging to the Dineshchandra R. Agrawal Group. The transaction involves four special purpose vehicle companies that operate highway projects in India under concession agreements with government authorities. These projects function under toll and annuity models. Cube Highways, a foreign portfolio investor registered with the Securities and Exchange Board of India, continues to expand its presence in India's operational highway sector through acquisitions of infrastructure assets developed by construction companies.
The Competition Commission of India has approved the acquisition of select road asset businesses of the Dineshchandra R. Agrawal Group by Cube Highways and Infrastructure V Pte. Ltd. The approval was granted after the regulator reviewed the proposed combination under the Competition Act, 2002. Advertisement
The proposed transaction involves the acquisition of four special purpose vehicle companies that hold road infrastructure assets. These include Dineshchandra Yamuna Infra Pvt. Ltd., Dineshchandra Vaishnodevi Infra Pvt. Ltd., Dineshchandra Giriraj Infra Pvt. Ltd., and Dineshchandra Trans-Eastern Highways Pvt. Ltd. These entities together form the road asset businesses that are being acquired as part of the transaction.
The special purpose vehicles operate road and highway projects in India through concession agreements with government authorities. Such projects are developed and operated under structured infrastructure models commonly used in the sector. The assets involved in this transaction function under toll-based and annuity-based frameworks, which allow private operators to manage road infrastructure projects while generating revenue through toll collections or fixed payments linked to project performance.
Under toll arrangements, the operator collects toll from road users during the concession period. In annuity-based projects, the operator receives fixed payments from the government authority for maintaining and operating the road. Both models are widely used in national and state highway development programmes in India.
Cube Highways and Infrastructure V Pte. Ltd. is part of the Cube Highways platform that focuses on investing in transportation infrastructure assets in India. The company is registered as a foreign portfolio investor with the Securities and Exchange Board of India and primarily invests in operational road projects that generate stable long-term returns.
Over the past several years, Cube Highways has built a significant portfolio of highway assets across the country. Its strategy has largely focused on acquiring operational or late-stage road projects from infrastructure developers and construction companies. Such transactions allow developers to monetise completed projects and free up capital for new infrastructure development.
The proposed acquisition was formally notified to the Competition Commission earlier this year. As part of its regulatory review, the Commission examined whether the transaction would have any adverse impact on market competition in the road infrastructure sector. After reviewing the details, the regulator approved the deal.
The Dineshchandra R. Agrawal Group has been involved in the construction and development of infrastructure projects, including roads, highways, and other civil engineering works. Over time, several infrastructure developers have adopted asset monetisation strategies by selling operational road projects to infrastructure investment platforms and funds.
Such transactions have become more common in India's highway sector as infrastructure investment platforms seek stable revenue-generating assets while developers focus on building new projects under government programmes such as the national highway expansion initiatives.
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