Anil Ambani's Reliance Infrastructure walks out of Mumbai Metro Line 2 project

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Source:  www.dnaindia.com

Blaming the Maharashtra government for “non-fulfilment of certain critical obligations”, Reliance Infrastructure(RInfra) today walked out of the contract to develop the Rs 12,000-crore Charkop-Bandra-Makhurd Metro corridor in Mumbai.

“Due to non-fulfilment of various obligations by the state government, the concession agreement for the Mumbai Metro Line 2 (Charkop-Bandra-Mankhurd corridor) is terminated despite the best efforts by the company and the state,” the Anil Ambani-led company said in statement. The decision caps months of rumours about the company walking of the project.

The project was awarded to an RInfra-led consortium through an international competitive bidding in 2009 and the company was holding 48 per cent in the now terminated deal.

The statement further said the concessionaire signed the termination agreement at “no cost and no claims” to either party and the state administration will return the Rs 160-crore bank guarantee to the company. The company had achieved financial closure for the project way back in October 2010. More info

 

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