Mumbai Metro One Private Limited (MMOPL), the operator of the Versova–Andheri–Ghatkopar (Metro Line 1) corridor, signs a debt restructuring agreement with National Asset Reconstruction Company Limited (NARCL), a government-backed asset reconstruction company. Under the arrangement, more than ₹1,100 crore of MMOPL’s debt is reduced, and insolvency proceedings against the company are to be withdrawn.
The restructuring deal is reported to be valued at ₹2,771.32 crore. As part of the process, NARCL is expected to gain a role in governance, including the right to nominate a director to the MMOPL board. A monitoring committee is also set to oversee the restructuring, with representation from lenders and Metro One.
MMOPL is a joint venture where Reliance Infrastructure holds a 74% stake and the Mumbai Metropolitan Region Development Authority (MMRDA) holds a 26% stake. The Metro Line 1 corridor serves more than five lakh commuters daily, and the restructuring is described as enabling the service to continue without the immediate impact of insolvency proceedings.
