CCI Approves Macquarie-Backed Acquisition of Stakes in Maple Infrastructure Trust Road Assets in India

New Delhi: In a significant boost for India’s infrastructure investment landscape, the Competition Commission of India (CCI) has approved the proposed acquisition by MAIF 4 Investments India 2 Pte. Ltd. of equity stakes across Maple infrastructure entities and units in Maple Infrastructure Trust.

The announcement, issued by Press Information Bureau Delhi, confirms regulatory clearance for the multi-layered transaction aimed at expanding Macquarie’s footprint in India’s road infrastructure sector.

Key Details of the Approved Transaction

The proposed combination includes three components:

• Acquisition of 42.5% equity share capital of Maple Infra InvIT Investment Manager Private Limited (Maple IM)

• Acquisition of 40% equity share capital of Maple Highway Project Management Private Limited (Maple PM)

• Acquisition of up to 37.5% units of Maple Infrastructure Trust

These transactions together form the Proposed Transaction, enabling the investor to gain a substantial stake across the investment manager, project manager and trust structure of the Maple road asset platform.

Macquarie Strengthens India Infrastructure Play

MAIF 4 Investments India 2 is a newly incorporated investment vehicle wholly owned by the Macquarie Asia-Pacific Infrastructure Fund 4. The fund is ultimately controlled by global infrastructure investor Macquarie Group Limited.

The deal reinforces Macquarie’s long-term strategy of investing in India’s fast-growing infrastructure sector, particularly in toll roads and transport corridors.

About Maple Infrastructure Trust

Maple Infrastructure Trust is registered as an Infrastructure Investment Trust (InvIT) under regulations issued by the Securities and Exchange Board of India (SEBI).

Through its special purpose vehicles, the trust owns and operates road assets across India under government concession agreements, positioning it as an important platform in the country’s public-private partnership (PPP) ecosystem.

Maple IM acts as the investment manager, while Maple PM serves as the project manager of the trust.

Why This Deal Matters

The approval highlights several broader trends:

1. Continued Global Investor Confidence

International infrastructure funds remain bullish on India’s roads and transport sector due to strong traffic growth and stable concession frameworks.

2. Growth of the InvIT Model

Infrastructure Investment Trusts are becoming a preferred structure for monetising operational infrastructure assets and recycling capital into new projects.

3. Long-Term Capital for Public Assets

The transaction supports India’s push to attract long-term foreign capital into core infrastructure, helping fund expansion without burdening public finances.

What Happens Next?

While the CCI has granted approval, the regulator noted that a detailed order will follow, outlining the rationale and any conditions attached to the clearance.

The acquisition is expected to further strengthen Macquarie’s presence in India’s transport infrastructure sector and deepen institutional investment in operational road assets.