Indian Bank rejigs Mumbai Metro loan account


By Pranav Nambiar

Mumbai: Indian Bank has restructured the Mumbai Metro loan account worth R108 crore in the March 2012 quarter.

Indian Bank chairman and MD TM Bhasin told FE that this was on account of delays in handing over land to a depot, the construction of a bridge over the Andheri station as also in the right of way and other clearances.

The Mumbai Metro project was awarded by Mumbai Metropolitan Region Development Authority (MMRDA) through a global competitive bidding process on PPP framework to a Reliance Infrastructure-led consortium in 2007. It entails designing, financing, constructing along with the operating and maintaining about 12 kms of elevated metro with 12 stations enroute. More info