[ad_1]
Mumbai Metro One Pvt. Ltd. (MMOPL), a subsidiary of Reliance Infrastructure Ltd., has secured an arbitration award against Mumbai Metropolitan Region Development Authority (MMRDA), a state government entity.
According to a filing by Reliance Infrastructure Ltd., the Bombay High Court has directed MMRDA to deposit ₹1,169 crore into the MMOPL’s account within 4 weeks.
Reliance Infrastructure said the proceeds will be used to reduce MMOPL’s debt.
MMOPL is a 74:26% joint venture between Reliance Infrastructure and MMRDA. MMOPL operates Mumbai’s Metro line between Versova and Ghatkopar via Andheri.
“The Bombay High Court, after noting that no case was made out for an unconditional stay, passed an order directing the MMRDA to deposit the entire awarded amount—approximately ₹1,169 crore [inclusive of accrued interest as of May 31, 2025] —with the Registry of the court on or before July 15, 2025,” Reliance Infrastructure said in a filing.
“This direction was issued in proceedings initiated by MMRDA …challenging the arbitral award dated August 29, 2023, as corrected by order dated February 26, 2024,” it said.
“The award was passed by a three-member arbitral tribunal in favour of Mumbai Metro One Private Limited (MMOPL) — a joint venture between the Company (holding 74% stake) and MMRDA (holding 26% stake) — which operates the Versova–Andheri–Ghatkopar metro corridor in Mumbai. The award granted MMOPL a sum of ₹992 crore along with interest,” it added.
Published – June 10, 2025 09:43 pm IST
[ad_2]
Source link
