15 March 2019 Current Affairs:
India Infrastructure Trust, an infrastructure investment trust (InvIT), sponsored by Brookfield, will acquire the East West Pipeline for Rs. 3,000 crore. The pipeline is owned by Reliance Industries Ltd’s promoters’ family.
As a part of the transaction, the InvIT would acquire 100% equity interest in Pipeline Infrastructure Private Ltd. which currently owns and operates the pipeline. Following this acquisition by Brookfield, the existing pipeline usage agreement has been reworked.
Now, reserved capacity will be cut to 33 Million Metric Standard Cubic Meter Per Day (MMSCMD) against 56 MMSCMD and any unutilised capacity payment by RIL will be the difference between Rs.500 crore a quarter and actual revenue earned by PIPL.