file index operation in loop

i have one file which contains data like the below

DE_CODE|AXXANY|APP_NAME|TELCO|LOC|NY
DE_CODE|AXXATX|APP_NAME|TELCO|LOC|TX
DE_CODE|AXXABT|APP_NAME|TELCO|LOC|BT
DE_CODE|AXXANJ|APP_NAME|TELCO|LOC|NJ
DE_CODE|AXXANJwt|APP_NAME|TELCO|LOC|WT

am going use a for loop or whole loop which will convert each line and process it.
could someone please help it

DE_CODE,APP_NAME and LOC are the hearder and AXXANY,TELCO and NY are data
i each looping am assigning the data like the below.

DE_CODE = AXXANY
APP_NAME= TELCO
LOC = NY

i want to a script to operate this. even the input line can extend futher after loc also in future.

One possibility:

# awk '{for (i=1;i<=NF;i++){if( !i % 2) {print $(i-1),$i}}}' FS='|' OFS=' = ' infile
DE_CODE = AXXANY
APP_NAME = TELCO
LOC = NY
DE_CODE = AXXATX
APP_NAME = TELCO
LOC = TX
DE_CODE = AXXABT
APP_NAME = TELCO
LOC = BT
DE_CODE = AXXANJ
APP_NAME = TELCO
LOC = NJ
DE_CODE = AXXANJwt
APP_NAME = TELCO
LOC = WT

Slight modification/correction to Klashxx's solution to make it work with all awk implementations:

awk '{for (i=1;i<=NF;i++){if( !(i % 2)) {print $(i-1),$i}}}' FS='|' OFS=' = ' infile

What's the difference to this http://www.unix.com/shell-programming-scripting/203717-doubt-using-awk.html#post302716569 thread?