Canadian investor Brookfield set to buy Ambani gas pipeline, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Canada-based investor Brookfield is ready to buy East West Pipeline Ltd (EWPL) for an enterprise valuation Rs 14,000 crore,  The Economic Times reported.

The company, which was earlier known as Reliance Gas Transportation Infrastructure Ltd, has been in losses.

The investor is likely to sponsor an infrastructure investment trust (InvIT) called India Infrastructure Trust to take over the pipeline, said the report.

The Competition Commission of India (CCI) had approved the transaction last week and the investor has also filed an application with the Securities and Exchange Board of India (Sebi) for registering the InvIT, for which the approval is expected this month, sources told the paper, adding that EWPL has already filed an application with the National Company Law Tribunal for the asset transfer.

The $2 billion will be split between equity and debt and the Canadian investor is reportedly in talks with lenders such as ICICI Bank for financing.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow