+
MMRDA Deposits Rs 5.60 Bn in Metro Arbitration Case
RAILWAYS & METRO RAIL

MMRDA Deposits Rs 5.60 Bn in Metro Arbitration Case

Following a Supreme Court directive, MMRDA deposited 50 per cent of the Rs 11.69 billion arbitration award in a case related to project cost disputes with MMOPL, which operates Mumbai’s first metro line. The Bombay High Court had earlier asked MMRDA to pay the full award by 15 July 2025.

The arbitration award—amounting to Rs 9.92 billion—was granted in August 2023 by a three-member tribunal. MMRDA had contested the order under Section 34 of the Arbitration and Conciliation Act, but the Bombay High Court upheld the award in MMOPL’s favour.

The cost of the 12-km Versova–Andheri–Ghatkopar corridor project had nearly doubled from the initial estimate of Rs 23.56 billion to Rs 43.21 billion, triggering disputes.

MMOPL, a joint venture with Reliance Infra holding 74 per cent and MMRDA the remaining 26 per cent, was awarded the project in 2007 under a public-private partnership (PPP) framework. The project was India’s first metro initiative executed on a PPP model.

Financed by a consortium led by Canara Bank, MMOPL faced further financial strain, leading to insolvency proceedings by SBI and IDBI Bank in 2023. The petitions were later withdrawn in April 2024 after a one-time settlement was reached. Meanwhile, National Asset Reconstruction Company (NARCL) had submitted a bid of Rs 10.63 billion in late 2024 to acquire Rs 12.26 billion of stressed loans from the MMOPL consortium.

News source: Business Standard

Following a Supreme Court directive, MMRDA deposited 50 per cent of the Rs 11.69 billion arbitration award in a case related to project cost disputes with MMOPL, which operates Mumbai’s first metro line. The Bombay High Court had earlier asked MMRDA to pay the full award by 15 July 2025.The arbitration award—amounting to Rs 9.92 billion—was granted in August 2023 by a three-member tribunal. MMRDA had contested the order under Section 34 of the Arbitration and Conciliation Act, but the Bombay High Court upheld the award in MMOPL’s favour.The cost of the 12-km Versova–Andheri–Ghatkopar corridor project had nearly doubled from the initial estimate of Rs 23.56 billion to Rs 43.21 billion, triggering disputes.MMOPL, a joint venture with Reliance Infra holding 74 per cent and MMRDA the remaining 26 per cent, was awarded the project in 2007 under a public-private partnership (PPP) framework. The project was India’s first metro initiative executed on a PPP model.Financed by a consortium led by Canara Bank, MMOPL faced further financial strain, leading to insolvency proceedings by SBI and IDBI Bank in 2023. The petitions were later withdrawn in April 2024 after a one-time settlement was reached. Meanwhile, National Asset Reconstruction Company (NARCL) had submitted a bid of Rs 10.63 billion in late 2024 to acquire Rs 12.26 billion of stressed loans from the MMOPL consortium.News source: Business Standard

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code