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Mumbai Metro-1 To Remain Under Reliance Control, No Plans To Buy It Back Says CM Devendra Fadnavis
Mumbai Metro run by Reliance Infrastructure (Kalpak Pathak/Hindustan Times via Getty Images)
Maharashtra Chief Minister Devendra Fadnavis has said that the Maharashtra government has no plans to buy back the Versova Ghatkopar Metro-1 from Reliance, reports DNA. Reliance Infrastructure-led Mumbai Metro One Private Limited (MMOPL) is the majority shareholder in the corridor.
The Mumbai Metro Operation Corporation Limited (MMOCL) was created to bring all the Mumbai Metropolitan Region (MMR) Metro Corridors under a single umbrella agency.
However, Metro-1 will not be the only one coming under the MMOCL. Built on the Public-Private Partnership (PPP) model on 2014, the Metro-1 covers 12 km distance between Versova, Andheri and Ghatkopar.
While Reliance Industries owns 69 per cent stakes in the metro, Mumbai Metropolitan Region Development Authority (MMRDA) holds 26 per cent, and France-based Transdev owns the rest five per cent.
Fadnavis, who is also the head for MMRDA, recently approved the formation of the MMOCL with a start-up capital of five crores. Along with bringing MMR corridor under one umbrella, the MMOCL may also be tasked with operating the corridors which are under construction in Navi Mumbai, Colaba-Seepz Metro-3 and all upcoming corridors under the MMR.
Fadnavis, when asked plans of buying back the Metro-1 through either MMRDA or state government responded, “not as yet”.
The Metro-1 has sparked a lot of controversy on various issues like the cost of the project. While the MMOPL says the project of construction of the Metro one was over Rs 4,000 crores, the MMRDA claims it was around Rs 2,300 crore. Alongside the cost issues, there was the altercation with the delay in construction and different opinion of fares.
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