Mumbai Metro One Private Limited (MMOPL), the operator of the Versova–Andheri–Ghatkopar Metro Line 1, signs a debt restructuring agreement with government-backed National Asset Reconstruction Company Limited (NARCL). Under the pact, MMOPL’s debt payable to NARCL is reduced by more than ₹1,100 crore. The agreement is reported to be valued at ₹2,771.32 crore. As part of the deal, insolvency proceedings against MMOPL are to be withdrawn, clearing a key legal hurdle for the company.
The restructuring follows the company’s earlier insolvency-related process and is aimed at easing the operator’s financial burden so it can continue running Mumbai’s first metro corridor. MMOPL is a joint venture between Reliance Infrastructure (74% stake) and the Mumbai Metropolitan Region Development Authority (MMRDA) (26% stake), which holds the entity through its role in owning, operating and maintaining the Line 1 stretch. Reporting also indicates NARCL will have rights to nominate a director to MMOPL’s board, and a monitoring committee with lender and Metro One representatives will oversee the restructuring process.
