Mumbai Metro One, a subsidiary of Reliance Infrastructure (RInfra), has completed refinancing of Rs 1,650-crore of project loans.
"With this refinancing, the final repayment of Rs 1,650 crore on the loans has been extended to year 2037, almost 22 years from date, thereby enhancing financial flexibility for the company," RInfra said in a statement.
The interest rate stands reduced from 13 per cent to 11.75 per cent per annum, it said, adding the average maturity period of loans has now almost doubled to 14 years.
Mumbai Metro One is RInfra's special purpose vehicle created to develop, implement and operate Mumbai's first metro line on a public private partnership (PPP) mode.
"The refinancing brings about greater alignment of the debt repayment profile with the life of the concession period and the company's cash flows. We look forward to delivering increased value to the company's shareholders and more comfort and convenience to metro commuters," a Mumbai Metro One spokesperson said.
The 11.40-km long corridor connecting Versova with Ghatkoper caters to nearly 2.75 lakh commuters every day.
Mumbai Metro One completed the first year of its operations on June 8 this year and boasts of 99 per cent punctuality and zero cancellation.
On an average, the service runs 368 times on weekdays, with an average frequency of 3.48 minutes.
RInfra is amongst India's largest infrastructure companies, developing projects through various SPVs in high growth areas like Roads, Metro Rail and Cement.
Shares of RInfra closed at Rs 2.49 apiece on the BSE, 4.62 per cent from previous close.
