European infrastructure development company A&M Development Group has committed ₹100 crore to a Mumbai metro rail project along with RCC Infra Ventures through its recently formed Indian arm, Oberoi-A&M Infra-Consortium. The company, backed by Nasdaq-listed Polaris Energy Resources, has sought permission to invest in the Chembur-Bandra-Kurla Complex (BKC) phase of the Mumbai metro project. This will be A&M Development Group's maiden investment in India after its announcement in April to invest $20 billion in mega projects including smart cities in the country in the coming years. The MBZ-RCC Infra Ventures joint venture had bagged the contract for the project, but it was canceled due to the company's inability to achieve financial closure. Recently, Oberoi-A&M Infra-Consortium wrote to the state government expressing its commitment to bring in the funds to revive the project. "The Oberoi-A&M Infra-Consortium not just looking at just government contracts but also helping private companies facing funds shortage in completing various activities", Inderjot Singh Oberoi, country head (India-Saarc), Oberoi-A&M Infra-Consortium, said, adding that "of the total $20 billion, the investment is ₹100 crore with RCC and the company plans to take this further to ₹500 crore for completing projects in roads, low-cost housing and other future projects".
📅Published on:
12 June 2020
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