Shardul Amarchand Mangaldas has advised Canada’s Brookfield Asset Management on its $1.83 billion acquisition of India’s East West Pipeline Ltd (EWPL), which was represented by AZB & Partners.
This is the first time a private pipeline in India is being monetised. 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.
The pipeline is being transferred to an entity called Pipeline Infrastructure Pvt. Ltd, a unit of Reliance Industries Holding Pvt. Ltd.
Khaitan & Co acted as the legal counsel to JM Financial Limited, lead manager to the initial offer of units representing an undivided beneficial interest in India Infrastructure Trust (InvIT). The trust, which was set up by Brookfield as sponsor and 90 per cent investor, will acquire 100 percent equity interest in Pipeline Infrastructure Private Limited (PIPL), which currently owns and operates the EWPL
The AZB team was led by Ashwath Rau and Rahul Rai.
The Khaitan team was led by Executive Director Sudhir Bassi and partner Abhimanyu Bhattacharya.
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