RInfra-led MMOPL to sell stake in Metro after losses

MUMBAI: Reliance Infrastructure (RInfra)-led Mumbai Metro One Pvt Ltd (MMOPL) has written to the Maharashtra government, saying that it wants to sell the stake it owns in the company. Metro-1 has been shut for five months owing to the pandemic and had been suffering losses prior to lockdown.

MMOPL is a special purpose vehicle (SPV) that was constituted to develop and run the 11.5 km Metro-1 on a public-private partnership model. RInfra owns 69% stake in MMOPL; the Mumbai Metropolitan Region Development Authority’s (MMRDA) owns 26%; and Transdev (formerly Veolia Transport) owns 5%. Bhushan Gagrani, principal secretary, urban development confirmed that the department had received MMOPL’s letter. Replying to HT’s query, he said over text message, “Yes, we have just received [the letter]. [We have] not taken any view yet.” At the time of going to print, RInfra and MMOPL had not replied to HT’s detailed questionnaire, sent via email. A senior official told HT that the state has sought MMRDA’s views on the development.

MMOPL IS A SPECIAL PURPOSE VEHICLE CONSTITUTED TO DEVELOP AND RUN THE 11.5-KM METRO-1

NEWDELHI/BEIJING: India and China were unable to bridge their differences on the disengagement process along the LAC during diplomatic talks on Thursday, with New Delhi emphasising the need to resolve “outstanding issues”. People familiar with developments during the meeting of Working Mechanism for Consultation and Coordination on border affairs dismissed China’s assertion that the two had “positively evaluated progress”.