On February 19, 2018, CCI approved the acquisition of entire share capital of 23 special purpose vehicles and wholly owned subsidiaries (‘Target Entities’) of Dilip Buildcon Limited (‘DBL’) by Chhatwal Group Trust (‘CGT’) through Shrem Infraventure Private Limited (‘SIPL’) and/or Shrem Roadways Private Limited (‘SRPL’).[1]CGT is a family trust, which, through its group of companies known as Shrem Group, is engaged in making investments in various sectors such as hospitality, manufacturing, finance, healthcare, real estate, etc. SIPL and SRPL, both part of Shrem Group, are incorporated with the objective of investing in road projects. SIPL invests in hybrid annuity model projects while SRPL invests in toll projects. The Target Entities are special purpose vehicles incorporated for the purpose of construction, operation and maintenance of specific road projects.CCI noted that the proposed combination relates to development of road projects in India. It then observed that while DBL, through its subsidiaries, is undertaking various road infrastructure projects, Shrem Group is present in this sector only through a joint venture with DBL in the State of Maharashtra. Given the insignificant overlap, CCI concluded that the transaction is unlikely to raise any competition concerns in India.[1] Combination Registration No. C-2018/01/544.