Anil Ambani-owned Reliance Infrastructure on Thursday said it had achieved financial closure for the Rs11,500 crore Mumbai metro-II project.
The 32km line will run from Charkop to Mankhurd via Bandra with 27 stations.
“The project has received sanctions of about Rs7,000 crore as per its entire debt requirement. While the equity for the project would be infused primarily by Reliance Infrastructure Ltd, the project will also get a viability gap grant of Rs2,298 crore from Maharashtra government,” the company said in a release.
The debt transaction was led by Axis Bank and included IDBI Bank, Reliance Capital and its associates, it added.
Reliance Infra had bagged the build-operate-transferproject in August 2009 in consortium with group company Reliance Communications and Canadian firm SNC Lavalin Inc.
The project, tipped to be completed by 2015, has a concession period of 35 years with an extension of 10 years.
This is the second metro project Reliance Infra is executing in Mumbai. The metro-I line on the Versova-Andheri-Ghatkopar corridor is to be completed next year.
“We are proud to be developing both the metro rail projects in Mumbai awarded till date which, after their completion, would lead to significant decongestion of the urban transport system in Mumbai,” chief executive & wholetime director Lalit Jalan said in the statement.
Reliance Infra is also developing the Rs2,885 crore New Delhi Airport Express line project, which was to have been commissioned before the Commonwealth Games but is now slated to be operational this month.
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