GoM to look into IGI Metro debt issue

NEW DELHI: Urban Development Ministry will soon take the issue of financial mess in Delhi Airport Metro Express project to the Group of Ministers (GoM). Sources said that this move is both aimed at keeping the GoM informed about the status and developments in the recent months besides seeking guidance on how to go about the remaining debt of around Rs.2000 crore to the financiers of this project.

“Since it’s a huge case and involves major financial issues we will bring it before the ministers’ group. Who and how the debt would be paid would come up subsequently. We are also aware that the matter is still subjudice,” said a source familiar to the development. Since the Reliance Infrastructure’s special purpose vehicle, Delhi Airport Metro Express Pvt Ltd withdrew from this service, Delhi Metro Rail Corporation (DMRC) has been running the trains.

Sources said that the former operator of the Metro line has written to the government seeking assistance in case it pays 80% of the debt if the lenders refuse to find another concessionaire. There are clear indications that the bankers are happy with DMRC operating the line since there is no chance of any private player breaking even after taking up the project.