Brookfield is set to acquire EWPL from Mukesh Ambani
Canadian asset manager Brookfield Asset Management is to acquire is set to acquire East Wes Pipeline Ltd (EWPL) owned by Mukesh Ambani for USD2 billion.
Brookfield is uniquely sponsoring an infrastructure investment trust (InvIT) called India Infrastructure Trust as the acquisition vehicle to take over the 1,400 km common carrier pipeline from Kakinada on the east coast to Bharuch in Gujarat.
The Competition Commission of India (CCI) approved the transaction last week. Brookfield has also filed an application with the Securities and Exchange Board of India (Sebi) for registering the InvIT, approval for which is expected this month, following which a formal joint announcement will be made, said multiple sources aware of the matter.
The pipeline housed under EWPL is being transferred to an entity called Pipeline Infrastructure Pvt Ltd (PIPL), a wholly owned subsidiary of Reliance Industries Holding Pvt. Ltd (RIHPL).
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