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RIL inches up as Brookfield to acquire East-West Pipeline
15-Mar-19   13:36 Hrs IST

The announcement was made after market hours yesterday, 14 March 2019.

Meanwhile, the S&P BSE Sensex was up 315.08 points, or 0.83% to 38,069.97.

On the BSE, 4.69 lakh shares were traded in the counter so far compared with average daily volumes of 8.90 lakh shares in the past two weeks. The stock had hit a high of Rs 1358.20 and a low of Rs 1344.10 so far during the day. The stock hit a 52-week high of Rs 1,361.45 on 14 March 2019. The stock hit a 52-week low of Rs 881 on 28 March 2018.

Brookfield has filed the preliminary placement memorandum, in terms of which India Infrastructure Trust, an InvIT set up by Brookfield as Sponsor and 90% investor, will invest Rs 13,000 crore to acquire the East West Pipeline (Pipeline). As a part of the transaction, the InvIT will acquire 100% equity interest in Pipeline Infrastructure (PIPL) which currently owns and operates the Pipeline.

Pursuant to this acquisition by Brookfield, the existing pipeline usage agreement has been reworked. The reserved capacity is reduced to 33 MMSCMD against the 56 MMSCMD. Any un-utilized capacity payment by Reliance Industries (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 unutilized capacity payments.

At the current approved final tariff of Rs 71.66/MMBTU, if the average volume of gas transported is 22 MMSCMD, RIL will not be liable to make unutilized 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 current levels.

RIL will be entitled to a significant participation in the net earnings of PIPL under the mechanism specified in the pipeline usage agreement. RIL's current investment in preference shares valued at Rs 4,000 crore to continue and will be converted into equity at the end of 20 years. Further at the end of 20 years, RIL has the right to acquire equity shares of PIPL held by the InvIT at an equity value of Rs 50 crore.

On a consolidated basis, Reliance Industries (RIL) net profit increased 8.82% to Rs 10251 crore on 56.69% increase in net sales to Rs 156397 crore in Q3 December 2018 over Q3 December 2017.

RIL's activities span across hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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