The Competition Commission of India has approved the acquisition of Reliance Industries Holding's subsidiary Pipeline Infrastructure by India Infrastructure Trust, according to a communication. The Trust is proposed to be registered as an infrastructure investment trust (InvIT).
"@CCI_India approves acquisition of Pipeline Infrastructure Private Limited by India Infrastructure Trust," the regulator said in a tweet Tuesday.
The transaction entails the complete acquisition of Pipeline Infrastructure by the Trust. The purchase is to be done through the Trust's proposed sponsor Rapid Holdings 2 Pte and investment manager PenBrook Capital Advisors.
A special purpose vehicle, Rapid is an affiliate of global player Brookfield Asset Management Inc while PenBrook is an asset management company, as per the notice submitted to the Competition Commission of India (CCI).
Rapid has made an application to the Securities Exchange Board of India (Sebi) for the Trust to be registered as an InvIT. Under the application, Rapid has sought the regulator's permission for use of the name 'India Infrastructure Trust' for the proposed InvIT.
Subject to receipt of Sebi's approval, the name 'India Infrastructure Trust' might get modified to reflect the regulator's suggestions or directions, the notice said.
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
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