Mumbai Metro One (MMOPL), a joint
venture between Reliance Infrastructure and Mumbai Metropolitan Regional
Development Authority (MMRDA), has completed the financial closure of the
Versova-Andheri-Ghatkopar Metro Rail project (Line 1 of Phase I).
MMOPL will raise Rs.512 crore through
equity and Rs.1,194 crore through debt, while MMRDA will finance the viability
gap funding (VGF) of Rs.650 crore. IDBI has agreed to finance the project to the
extent of Rs.300 crore, while it will syndicate the balance Rs.894 crore loan
for the project. The rest of the debt amount is expected to be raised by the end
of July 2008. The 11 km long Varsova-Ghatkopar line is expected to cost around
Rs.2,350 crore.
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