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鈥檚 (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鈥檚 bid did not receive counter offers from domestic lenders. Notably, NARCL鈥檚 offer excludes foreign currency loans on MMOPL鈥檚 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)

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