Mumbai Metro attains financial closure

Mumbai: Mumbai Metro One (MMOPL), a joint venture between RELINFRA and Mumbai Metropolitan Regional Development Authority (MMRDA), has achieved financial closure of the project, and will construct the first line of Mumbai Metro from Varsova to Ghatkopar.

The company said MMOPL will raise Rs 512 crore through equity and Rs 1,194 crore through debt, while MMRDA will finance the Viability Gap Funding (VGF) of Rs 650 crore. The 11-km long Varsova-Ghatkopar line is expected to cost around Rs 2,350 crore.

IDBI has agreed to finance the project to the extent of Rs 300 crore, while it will syndicate the balance Rs 894 crore loan for the project, says the press release.

The rest of the debt amount is expected to be raised by the end of July.

The project will be completed within 30 months, before the deadline given by the MMRDA, claims MMOPL.