CCI Greenlights Lucrative Asset Transfer from Dilip Buildcon to Ananta Highways InvIT

The Competition Commission of India (CCI) has approved a proposed combination between Ananta Highways Trust, Alpha Alternatives Fund Advisors LLP, Dili Builddown, and DBL Incrementors. The deal will allow Ananta Highways Trust to acquire a 100% stake in eight highway project SPVs and a 49% stake in PHL. The existing shareholders, Alpha Alternatives, DBL, and DIPL, will be allotted units in the Invite upon its listing. The Sponsor is a limited liability partnership registered with SEBI and provides fund and asset management services.

The Competition Commission of India (CCI) has given its nod for the transfer of multiple Hybrid Annuity Model (HAM) road projects from Dili Builddown Ltd. to Ananta Highways Invite, a key move that signals consolidation and infrastructure monetization within the Indian road sector. The transaction involves the shift of economic interest, control, and operations of select operational and under-construction road assets to the infrastructure investment trust (Invite), paving the way for increased private capital participation in highway development.

Transaction Overview

The deal pertains to 10 operational HAM road projects spread across various states including Madhya Pradesh, Gujarat, and Uttar Pradesh, which were earlier awarded by the National Highways Authority of India (NHAI) to Dili Builddown under the hybrid annuity model. Under the agreement, Dili Builddown will divest its stake in these projects and transfer operational responsibilities to Ananta Highways Trust, an Invite sponsored by the company itself and managed by Axis Trustee Services Ltd. (NHAI’s)

What is Ananta Highways Invite?

Ananta Highways Trust is a private infrastructure investment trust created to own and operate toll and annuity road assets, allowing developers like Dili Builddown to monetize mature assets and recycle capital for newer projects. This model is encouraged by the Ministry of Road Transport and Highways and NHAI to attract long-term institutional investors like pension funds and sovereign wealth funds.

Impact on Infrastructure Financing

This approval is expected to facilitate more Invite-led fundraising in India’s infrastructure sector. By shifting operational HAM assets to the trust, Dili Builddown can free up capital and reduce debt, enabling it to bid for fresh projects without financial strain. Ananta Highways Invite, in turn, gains stable, revenue-generating assets backed by fixed annuity payments from NHAI, which improves its investment appeal. The Competition Commission of India (CCI) has approved the transfer of multiple Hybrid Annuity Model (HAM) road projects from Dilip Buildcon Ltd. to Ananta Highways InvIT, a move aimed at infrastructure monetisation and improved asset management. The deal includes 10 operational road assets developed under NHAI’s HAM model across several states. This strategic shift will enable Dili Builddown to unlock capital and reduce debt, while allowing Ananta Invite to manage revenue-generating road assets. The approval aligns with India’s broader goals.

Regulatory Perspective

The approval by the CCI ensures that there are no anti-competitive concerns in the transaction. This aligns with India’s infrastructure roadmap that encourages private sector efficiency and long-term capital to manage public assets, especially in roads and highways. The transfer is also seen as part of the central government’s broader Asset Monetisation Programme (AMP) (Highway)

Conclusion

CCI’s approval of Dilip Buildcon’s HAM project transfer to Ananta Highways InvIT is a strategic milestone for infrastructure monetization in India. It reflects a growing preference for InvIT structures to manage, operate, and expand India’s critical transport infrastructure, unlocking both liquidity for developers and dependable returns for investors.