This chapter makes an attempt to view the essential facilities doctrine (EFD) through transaction cost lens. Through narrating the evolution of the doctrine in the US (and subsequently in the EU), the authors have observed the divergent interests of the judiciary in the two regions. They have located the doctrine’s presence in Indian case laws, identified the problems therein (particularly in cases involving intellectual property) and have proposed that the doctrine’s construction in India should be guided by the EU model. To build this case, the authors have situated the doctrine in property-liability framework and invoked the concepts of transaction costs and bargaining power to guide their choices. The authors have concluded that societies characterised by a weak intellectual property regime (and hence high transaction costs) should adopt a more liberal approach towards EFD. They show that India is indeed, one such society.