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Mumbai Metro One achieves financial closure

Thursday, 12 Jun 2008
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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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