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Indian Investors may join Brookfield's investment to buy East West Pipeline

EWPL, earlier known as Reliance Gas Transportation Infrastructure Ltd, is a unit of Reliance Utilities Private Limited

Reuters 

Ambani's East West Pipeline
East West Pipeline

A set of Indian investors are keen to join the infrastructure investment trust (InvIT) led by Inc to buy East West Pipeline Ltd (EWPL) for an enterprise value of Rs 130 billion ($1.83 billion), the Economic Times reported Monday, quoting people aware of the development.

EWPL, earlier known as Reliance Gas Transportation Infrastructure Ltd, is a unit of Reliance Utilities Private Limited. It transports gas from Kakinada in south-eastern India to Bharuch in the west.

Investors such as ICICI Prudential Asset Management Company, the family office of the Poonawallas of and individuals like Uday Kotak - of Kotak Mahindra Bank Ltd - are expected to join the consortium, the report added.

Other banks, including ICICI Bank Ltd and state-run Bank of Baroda Ltd are also part of the talks to monetise the private pipeline, according to the report.

The pipeline is being transferred to an entity called Pipeline Infrastructure Pvt. Ltd, a unit of Reliance Industries Holding Pvt. Ltd, the report said. Reliance Industries Holdings is a holding arm of the promoters of Reliance Industries Ltd .

Reliance Industries, Brookfield, ICICI Bank, Bank of Baroda, Kotak Mahindra Bank and the office did not immediately respond to Reuters' request seeking comment.

First Published: Mon, February 11 2019. 11:26 IST
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