Brookfield Asset Management-backed India Infrastructure Trust (India Infra InvIT) will raise Rs 6,452 crore via Non-Convertible Debentures (NCDs) to refinance debt taken to acquire the East-West gas pipeline from Reliance Industries Holdings.
The infrastructure investment trust was in the process of issuing NCDs and the proceeds will be used entirely to refinance debt maturing at the Special Purpose Vehicle (SPV) level. As such, at a consolidated level, the debt shall remain unchanged.
India Infra InvIT owns the entire stake in Pipeline Infrastructure Ltd (PIL), an SPV. It took over the East-West Pipeline (EWP), a 1,480-kilometre cross-country pipeline, from Reliance Industries Holdings Pvt Ltd on a going concern basis in 2019.
