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Brookfield to acquire Reliance Industries East West Pipeline

Friday, 15 Mar 2019
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Brookfield has filed the preliminary placement memorandum, in terms of which India Infrastructure Trust (InvIT) set up by Brookfield, as sponsor and 90 percent investor, will make an investment of Rs 13,000 crore to acquire Reliance Industries’ (RIL) East West Pipeline.

As part of the transaction, InvIT will acquire the entire equity interest in Pipeline Infrastructure (PIPL) which currently owns and operates the pipeline.

Pursuant to the acquisition by Brookfield, the existing pipeline usage agreement has been reworked as follows:

The reserved capacity has been reduced to 33 MMSCMD against 56 MMSCMD.

Also, any unutilised capacity payment by RIL will be the difference between Rs 500 crore a quarter and actual revenue earned by PIPL.

RIL will continue to be entitled to transport gas, either by itself or of any customers, free of cost against any outstanding unutilised capacity payments.

Moreover, at the current approved final tariff of Rs 71.66/MMBTU, if the average volume of the gas transported is 22 MMSCMD, RIL will not be liable to make unutilised capacity payments.

The next review of tariff in April 2020 will also consider upward revision to tariff arising from determination of lower revised capacity of the pipeline.

Considering the new investments in the upstream sector in the KG basin, and the growing LNG imports, ability to swap gas, the average volume expected to be transported through the pipeline is expected to be significantly higher compared to the present levels.

The current investment of RIL in preference shares valued at Rs 4,000 crore will continue and be converted into equity at the end of 20 years.

Moreover, at the end of 20 years, RIL has the right to acquire equity shares of PIPL held by InvIT at an equity value of Rs 50 crore.

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