Mumbai Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure, has entered into a debt restructuring agreement with the National Asset Reconstruction Company Limited (NARCL), reducing its outstanding debt by more than Rs 1,100 crore and clearing the way for the withdrawal of insolvency proceedings against the company.
According to a stock exchange filing, the agreement, signed on July 9, covers MMOPL’s total financial liabilities towards NARCL amounting to Rs 2,771.32 crore. The debt reduction has been calculated based on the company’s outstanding dues as of March 31, 2026.
MMOPL operates the 11.4-km Versova-Andheri-Ghatkopar Metro Line 1 through a joint venture between Reliance Infrastructure, which holds a 74% stake, and the Mumbai Metropolitan Region Development Authority (MMRDA), which owns the remaining 26%. The corridor serves around five lakh commuters every day, making it one of Mumbai’s busiest metro routes.
The company said the restructuring agreement would facilitate the withdrawal of insolvency proceedings initiated against MMOPL, strengthening its financial position and ensuring uninterrupted operations and maintenance of Metro Line 1.
As part of the agreement, NARCL will be entitled to nominate one director to MMOPL’s board. A joint monitoring committee comprising representatives from both the lender and the metro operator will oversee the implementation of the restructuring plan. The agreement also includes standard lender safeguards, including restrictions on certain corporate decisions without prior approval.
Reliance Infrastructure described the restructuring as a major step towards resolving MMOPL’s long-standing debt obligations while improving the long-term financial stability of Mumbai’s first metro corridor. The company said the agreement will help reinforce the sustainability of the metro network, which continues to provide daily connectivity to more than five lakh passengers across the city.
Source: Business Standard
