Reliance Infra subsidiary MMOPL restructures Rs 2,771 cr debt with NARCL

Reliance Infrastructure's 74 percent subsidiary Mumbai Metro One (MMOPL), which runs the Versova-Andheri-Ghatkopar Metro Line-1, has signed a Rs 2,771 crore debt restructuring agreement with government entity NARCL. The deal cuts MMOPL's debt by over Rs 1,100 crore and leads to withdrawal of insolvency proceedings against it. NARCL gets the right to nominate a director on the MMOPL board, and a monitoring committee will oversee the restructuring. MMOPL serves over 5 lakh commuters daily and is a joint venture with MMRDA holding 26 percent.