Mumbai : The Eknath Shinde government in Maharashtra has put on hold its plan to acquire Mumbai's Metro 1 line. still, the press has directed the administrative commission of MMRDA to assess the agreement of Rs 1,700 crore debt of Mumbai Metro One Private Limited( MMOPL). Metro 1 is the oldest metro line in Mumbai and carries4.6 lakh passengers daily.
Metro operates 1.( MMOPL) This is the only metro line which was erected on the base of public-private cooperation. It's operated by Reliance Infra- promoted special purpose vehicle Mumbai Metro One Private Limited. MMRDA holds 26 per cent stake in the SPV and the remaining 74 per cent is held by Anil Ambani's Reliance Infra.
The six banks are State Bank of India, IDBI Bank, Canara Bank, Indian Bank, Bank of Maharashtra and IIFCL. Reliance Infra shares launch Shares of Reliance Infra rallied after the administrative commission of MMRDA issued a valuation order to settle a debt of Rs.1,700 crore. The company's share price fell by 10 percent. MMOPL had entered into an agreement to pay total pretenses to its creditors in March 2024.
According to the agreement, MMOPL will have to pay a aggregate of Rs 1,700 crore. MMRDA and MMOPL together contributed an original quantum of Rs 170 crore to the banks as per the agreement. The government has taken the decision. On March 11, the state press had approved the accession of 74 stake of Reliance Infra in Metro- 1 by MMRDA for Rs 4,000 crore. Also, MMOPL was allowed to exit the design.
But now MMRDA has said that they don't have the plutocrat to complete this sale. The MMRDA asked the Maharashtra government for the plutocrat but the government refused. On the other hand, the state press had also changed the decision to buy MMOPL. Meeting with six banks for OTS After this, the MMRDA manager is planning to hold a meeting with all the six banks that have outstanding pretenses on MMOPL to bandy the matter. From April 2023 to June 2024, MMOPL has paid interest of further than Rs 225 crore. still, the MMRDA denied the government's request.
As a result, the press changed its decision to buy it. According to a report published in the Economic Times, in the press meeting on June 26, it was decided that the administrative commission of MMRDA should be asked to bandy the one- time agreement. The ET report claims that MMRDA was directed to take immediate action to apply the press decision.
He also called for the decision to be enforced soon. The bankruptcy proceedings were going on at MMOPL. The action was initiated by IDBI Bank in October 2023 in respect of an outstanding of Rs133.37 crore. SBI had done so in August 2023 by not paying pretenses of Rs.416 crore. MMRDA paid Rs.170 crore towards one- time agreement of pretenses , which is 10 of the pretenses. After this payment, NCLT closed the bankruptcy proceedings.