Mumbai Metro One Private (MMOPL), a subsidiary of Reliance Infrastructure, has completed the refinancing of project borrowings of Rs 1,650 crore, achieving substantial benefits through extension of maturity and reduction of interest costs.
With this refinancing, the final repayment of Rs 1,650 crore on the loans has been extended to the year 2037, almost 22 years from date, thereby enhancing financial flexibility for the company. The interest rate stands reduced from 13% to 11.75% per annum.
The average maturity period of loans has now almost doubled to 14 years. MMOPL is Reliance Infrastructure’s Special Purpose Vehicle (SPV) created to develop, implement and operate Mumbai’s first metro line, on a public-private partnership (PPP) model.
The 11.40 Km long corridor connecting Versova with Ghatkopar caters to nearly 2.75 lakh commuters every day. Mumbai Metro One, which completed the first year of its operations on June 8 this year, boasts of 99% punctuality and zero cancellation. On an average, the service runs 368 times on weekdays, with an average frequency of 3.48 minutes.
