Trilegal has advised Edelweiss-backed Epic Concesiones 2 on its $272 million acquisition of 11 road projects from Ashoka Buildcon and Ashoka Concessions, which were represented by Cyril Amarchand Mangaldas.
The road projects, structured as 11 special purpose vehicles (SPVs), will be acquired by Epic Concesiones 2, Infrastructure Yield Plus II and Infrastructure Yield Plus IIA—both schemes of Infrastructure Yield Trust—and will be managed by investment manager, EAAA India Alternatives (formerly known as Edelweiss Alternative Asset Advisors).
This transaction has been in progress since June 2023, and involves operational projects under a hybrid annuity model (HAM). The roads are spread across the states of Punjab, Jharkhand, Karnataka, Andhra Pradesh, Telangana, Gujarat and Maharashtra.
Despite this sale, Ashoka Buildcon is actively pursuing larger projects and has recently received a letter of award for a 13.9 billion rupee ($161 million) project from the National Highways Authority of India.
Trilegal also advised Epic on its 100 percent acquisition of L&T Infrastructure Development Projects from Larsen & Toubro and CPPIB India last year. Additionally, Trilegal had been engaged by KKR-backed Highways Infrastructure Trust on multiple road project sales, including its $1.08 billion acquisition of 12 road projects from PNC Infratech, and $362 million toll road projects acquisition from Macquarie Asia Infrastructure Fund.
Trilegal also advised infrastructure-development trust G R Infraprojects on the sale of its entire investment in seven road projects awarded to Bharat Highways as part of Bharat Highways InvIT’s $300 million IPO last year.
The Trilegal corporate team was led by partners Kunal Chandra and Sneha Vardhan, and included counsel Shubhaang Sinha and Vyshnav Karthik, senior associates Vishesh Mehrotra and Nezhat Fouzdar, along with associates Roopam Dadhich, Jatin Soni, Tanay Saluja and Shreya Khandelwal.
The Trilegal projects team was led by partners Neeraj Menon, Nayantara Nag and Swathy Pisharody, and comprised counsels Ipshita Ahuja and Astha Srivastava, senior associates Shouri Bhat and Charulatha Jagadish, and associates Padmavathy Nehru, Ashwin Sasikumar, Rohil Kenue, Rishabh Garodia, Shikhar Venkatesh, Kaveri Yadav, Ankita Agarwala, Shivansh Shukla, Samavi Srivastava, and Prateek Singh.
Partners Apeksha Mattoo (labour), Chitra Rentala (dispute resolution), Ameya Khandge (banking and finance) and Gautam Chawla (antitrust) also assisted on the deal.
The CAM team was led by partners Uday Khare and Aditi Manchanda, with support from principal associate Angira Chakraborty, and associates Divisha Jindal, Anukriti Bhattad, Kaushik Raichura, Oshin Malpani, Priyam Mahajan, Abhijeet Kashyap, Muskaan Garg, and Lovika Tyagi.
