Anil Ambani’s 74% stake in Mumbai Metro One Pvt Ltd (MMOPL) is valued at Rs 4000 crore.
Anil Ambani is the younger brother of India’s richest man Mukesh Ambani. Usually staying away from the public eye, Anil Ambani has been in the news for the past few weeks due to the soaring shares of Reliance Power and a potential Rs 40000000000 deal for the Mumbai Metro line. A few weeks ago, 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 Mumbai Metro One Pvt Ltd (MMOPL) at Rs 4000 crore. The report has been approved by the state cabinet and now the Maharashtra government has reportedly started the talks to acquire the Mumbai Metro Line One. As per a report by The Hindu, the government is currently discussing the deal with the lenders.
For those who are unaware, the MMOPL is the first metro project that is financed by six Indian banks — Canara Bank, IDBI Bank, State Bank of India, Indian Bank, Bank of Maharashtra and India Infrastructure Finance Company. Earlier this month, National Company Law Tribunal (NCLT) disposed of corporate insolvency proceedings against MMOPL in view of One-Time debt Settlement (OTS). 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.
If Anil Ambani’s Rs 40000000000 deal with the government is successful, the OTS will be paid by the government’s Mumbai Metropolitan Region Development Authority (MMRDA). ““As per the acquisition norms, the lender dues will be cleared first, followed by government dues, employee salaries, preferential shareholders, and so on. RInfra’s equity payment comes at the end,” a state official told The Hindu.
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