CCI Approves OMERS Admin Corp’s Plan To Obtain Additional Units In Interise Trust

CCI Approves OMERS Admin Corp’s Plan To Obtain Additional Units In Interise Trust

The deal was classified as a 'green channel' and does not raise competition concerns

The Competition Commission of India (CCI) has approved the proposal of OMERS Administration Corp (OAC), one of Canada's largest defined benefit pension plans, to increase its stake in Interise Trust.

OMERS (Ontario Municipal Employees Retirement System) will acquire an additional 13.5 percent stake from Allianz Capital Partners (ACP) raising its total ownership to 34.8 percent from 21.3 percent, while the Canada Pension Plan Investment Board (CPPIB) will remain the largest investor.

It also approved Ontario Inc and OMERS Infrastructure's holding in Interise Investment Managers Ltd (IIML).

Ontario Inc and OMERS Infrastructure are entities of OAC, the administrator of OMERS Primary Pension Plan and the trustee of the pension funds.

Interise Trust (formerly IndInfravit Trust) is one of the largest Indian Infrastructure Investment Trusts (InvIT) in the roads sector. It was established by Larsen & Toubro Infrastructure Development Projects Ltd, now known as Epic Concesiones 3 Ltd (L&T IDPL).

Interise invests in road infrastructure assets in India through various special-purpose vehicles while IIML is its investment manager.

OMERS has been investing in Interise Trust since 2019.

The competition watchdog said, "The proposed transaction does not result in any horizontal, vertical, or complementary overlaps in any plausible relevant markets in India. "Therefore, it is being notified under the green channel.”

Under the green channel route (wherein a transaction that does not raise any risk of an appreciable adverse effect on competition), is approved on being intimated to the market regulator.