Stake of Mukesh Ambani’s brother Anil Ambani in the Metro One has been valued at Rs 4000 crore.
Anil Ambani, the younger brother of India’s richest man Mukesh Ambani, has been part of the news for the past few weeks due to shares of his company and debt settlements by his Reliance firms. Last month, the Maharashtra cabinet approved in principle the purchase of Anil Ambani’s Reliance Infrastructure’s 74% stake in Ghatkopar-Versova Mumbai Metro One, valuing the stake at Rs 4000 crore. Paving a way for buyout from Anil Ambani’s Reliance Infrastructure, National Company Law Tribunal (NCLT) has disposed of corporate insolvency proceedings against Mumbai Metro One Pvt. Ltd. State Bank of India (SBI) and IDBI Bank separately moved to the bankruptcy court against MMOPL over non-payment of dues. The two banks are among the consortium of six lenders who lent a principal amount of Rs 1,711 crore for the Mumbai Metro project.
Following a one-time debt settlement agreement between the lenders and the company, NCLT has now disposed of corporate insolvency proceedings against Reliance Infrastructure’s Mumbai Metro One Pvt. Ltd. “We wish to inform you that the Section 7 petitions of SBI and IDBI Bank are disposed-off by NCLT Mumbai in view of OTS issued by all lenders," Reliance Infrastructure Ltd said in a stock exchange filing.
For those who are unaware, Mumbai Metro One was the first metro project undertaken under the Build-Operate-Transfer (BOT) policy. The Ghatkopar-Versova Mumbai Metro One is Mumbai Metropolitan Region Development Authority (MMRDA) and Anil Ambani-led Reliance Infrastructure Limited (R-Infra). Stake of Mukesh Ambani’s brother Anil Ambani in the Metro One has been valued at Rs 4000 crore.
Anil Ambani has a 74% stake in the Mumbai Metro One Pvt Ltd (MMOPL), while MMRDA has a 26% stake in the joint venture. Retired IAS officer and former chief secretary Johny Joseph led panel reportedly used the discounted cash flow model to value Anil Ambani’s 74% stake in MMOPL at Rs 4000 crore. The report has been approved by the state cabinet.
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