The Mumbai Metropolitan Region Development Authority has decided to take over the operations and maintenance of Mumbai Metro Line-1 of route length 11.4 km connecting Versova-Andheri-Ghatkopar for which it has approved the appointment of a Consultant to carry out the due diligence of assets before the final takeover. Mumbai Metro Line-1 is operated by the Metro One Operation Pvt. Ltd. (MOOPL) which is a special purpose vehicle (SPV) incorporated for the implementation of the project. Anil Ambani owned Reliance Infrastructure holds 69% of the equity share capital of MMOPL, while MMRDA holds 26% and the remaining 5% is held by RATPDEv Transdev Asia. In this connection, Reliance Infrastructure had last year written to the State Government asking to buy its stake in MMOPL. It is Mumbai's first Metro line, which was built on a Public-Private Partnership (PPP) model and was commissioned in 2014. Since MMRDA is constructing all Metro lines across the region, the acquisition will add synergy to the operation of other lines. MMRDA commissioner R A Rajeev informed that since MMRDA is constructing all Metro lines across the region, the acquisition will add synergy to the operation of other lines. Also since it is a public transport infrastructure and MMOPL is unable to run it, it is incumbent upon the government to take over. As a shareholder, the authority had the first right to buy R-Infra‘s stake.
📅Published on:
27 May 2021
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