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Brookfield to acquire Reliance Gas Transportation Infrastructure pipeline

Gasoil News - Published on Tue, 19 Mar 2019

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Brookfield announced it is buying the loss-making East West Pipeline Ltd, earlier known as Reliance Gas Transportation Infrastructure Ltd, for an enterprise valuation of INR 13,000 crore from Mr Mukesh Ambani, chairman of Reliance Industries. This will be the first time a private pipeline is India is being monetised. It's also the first time Reliance, India's largest private sector company. Brookfield is also buying Reliance Jio’s telecom tower assets in a similarly structured transaction that could value the portfolio at USD 7-8 billion, said sources aware of the developments.

Brookfield has already filed the preliminary placement memorandum for setting up a infrastructure investment trust. Brookfield will be the sponsor or this India Infrastructure Trust and will own 90% of it. The InvIT will acquire 100% equity interest in Pipeline Infrastructure Private Limited which currently owns and operates the Pipeline.

Brookfield is also tying up with a clutch of marquee asset management companies, family offices, banks and insurers to come on board with a 10% stake.

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Posted By : Rabi Wangkhem on Tue, 19 Mar 2019
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