The Maharashtra government in a cabinet meeting held on June 26, 2024 has reversed its own decision to buy out the Reliance Infrastructure (R-Infra)\u2019s 74 per cent stake in Mumbai Metro One. The decision comes just four months after the state government had given a go ahead to the proposal on March 15, 2024.<\/p>\n
The Mumbai Metropolitan Region Development Authority (MMRDA) was to acquire R-Infra\u2019s stake for close to Rs 4,000 crore in the special purpose vehicle, Mumbai Metro One Pvt Ltd (MMOPL). MMOPL owns the 11.4 km metro line on the Versova-Andheri-Ghatkopar route, and the balance is held by MMRDA.<\/p>\n
For this, a due diligence report dated April 26, 2024 was prepared by Maha Mumbai Metro Operation Corporation Ltd (MMMOCL), a copy of which is attached as Annexure-1.<\/p>\n
Further, legal due diligence report was prepared by DSK Legal as per the mandate of MMRDA. A draft report dated May 27, 2024 is attached as Annexure-2.<\/p>\n
On the instructions of MMRDA, BDO prepared a draft financial due diligence report dated June 24, 2024 and the same is attached as Annexure-3.<\/p>\n
MMOPL has been serving the Mumbaikars for the past 10 years, and it is still left with over 20 years of operations as per the Concession Agreement.<\/p>\n
The Maharashtra government in a cabinet meeting held on June 26, 2024 has reversed its own decision to buy out the Reliance Infrastructure (R-Infra)\u2019s 74 per cent stake in Mumbai Metro One. The decision comes just four months after the state government had given a go ahead to the proposal on March 15, 2024. The Mumbai Metropolitan Region Development Authority (MMRDA) was to acquire R-Infra\u2019s stake for close to Rs 4,000 crore in the special purpose vehicle, Mumbai Metro One Pvt Ltd (MMOPL). MMOPL owns the 11.4 km metro line on the Versova-Andheri-Ghatkopar route, and the balance is held by […]<\/p>\n","protected":false},"author":1,"featured_media":643599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[119],"tags":[],"class_list":["post-643595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazinenews"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/643595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=643595"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/643595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media\/643599"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=643595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=643595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=643595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}