DMRC seeks to raise Rs 2,700-crore loan to pay Reliance Infrastructure
A month after the Supreme Court directed the Delhi Metro Rail Corp (DMRC) to bring Rs 4,600 crore out of its coffers for its long-standing liability to a Reliance Infra (RInfra) subsidiary, DMRC has written to 18 banks, inviting bids to raise a Rs 2,700-crore loan.
The court had upheld a Delhi High Court order, consequent to which DMRC is to pay the arbitral award amount, along with interest, to Reliance Infra-owned Delhi Airport Metro Express Private Limited (DAMEPL) in two equal instalments.
The sought loan amount is the balance of what DMRC owes to DAMEPL, people in the know said. Through its submissions in an escrow account from time to time, DMRC has already paid Rs 2,445 crore to the Reliance firm in compliance with previous court orders.
