Mumbai Metro One Lenders to Sell Rs 12.26 Billion Debt to NARCL

02 Jan 2025 CW Team

Lenders to Mumbai Metro One, which operates the Versova-Ghatkopar metro line, are in advanced discussions to sell their outstanding debt to the government-owned National Asset Reconstruction Company (NARCL), according to sources. NARCL has proposed acquiring Rs 12.26 billion of Mumbai Metro One Private Limited’s (MMOPL) principal debt for Rs 10.63 billion. The offer includes 15% cash, with the remaining amount in security receipts redeemable upon loan recovery. Any shortfall in recovery is guaranteed by the government. The Swiss challenge auction triggered by NARCL’s bid did not receive counter offers from domestic lenders. Notably, NARCL’s offer excludes foreign currency loans on MMOPL’s books, which include $63.4 million in external commercial borrowings from India Infrastructure Finance Company (UK). While the debt remains unassigned to NARCL, a third source suggested that restructuring the debt is under consideration. (ET)

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..