Anil Ambani group firm Reliance Infrastructure (R-Infra) today said that a consortium led by the company has tied up entire funding for the Rs 11,500-crore metro project in Mumbai.
"The Charkop-Bandra-Mankhurd metro project has received sanctions of about Rs 7,000 crore as per its entire debt requirement ... The project will also get a viability gap grant of Rs 2,298 crore from the government of Maharashtra," the company said in a statement.
It is the largest financial closure for a project under public-private-partnership (PPP) mode, it said. The transaction, led by Axis Bank, was completed in a record time of nine months.
The 32 km Mumbai Metro Line 2 project will provide a vital link between Navi Mumbai and the Western suburbs, connecting Charkop in the North to Bandra and then to Mankhurd in the East.
The project is being implemented by Mumbai Metro Transport (MMTPL), a special purpose vehicle jointly incorporated by the consortium partners comprising Reliance Infra, Reliance Communications and SNC Lavalin Inc, Canada.
It was awarded to the Reliance Infra-led consortium by the state government after an international competitive bidding process under PPP framework.
Reliance Infra CEO and whole time Director Lalit Jalan said, "We are proud to be developing both the metro rail projects in Mumbai awarded till date, which after their completion would lead to significant decongestion of the urban transport system in Mumbai."
The company was earlier awarded the Mumbai Metro-Versova-Andheri-Ghatkopar corridor project which is likely to be completed ahead of schedule in 2011.
With two metro projects in Mumbai, the company would be committing almost Rs 14,000 crore for the Mumbai Metro sector.
