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IL&FS Crisis Lands Bengaluru’s Namma Metro In Soup, BMRCL Writes To Debt-Ridden Company’s Unit Over ORR Contract
Bengaluru’s Namma Metro. (Jagdeesh MV/Hindustan Times via Getty Images)
The Bangalore Metro Rail Corporation (BMRCL) has written to the Infrastructure Leasing & Financial Services (IL&FS) Engineering and Construction seeking its response to eight queries before taking a final call on awarding the 19 km Outer Ring Road (ORR). BMRCL is looking to safeguard its projects from any problems in the future due to the significant trouble brewing at IL&FS.
Ajay Seth, managing director of BMRCL, said, “No decision, either cancelling of bids or calling fresh tenders for ORR metro work, has been taken till now,”, as reported by Metro Rail News.
The construction firm is said to have quoted the lowest prices in the remaining packages of the ORR metro as the letter addressed to them gains importance. Five constructions firms had qualified in the technical rounds in total. The 19 km project has been divided into three packages to increase speed and efficiency.
Annual reports for the year 2017-18 of IL&FS Construction and Engineering were also cited by the BMRCL, which shows a severe shortage concerning cash flows.
The BMRCL had formed a separate team in August to analyse the finances of the debt-ridden company after their financial reports became public.
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