Maharashtra govt and Reliance Infra likely to terminate Mumbai Metro II concession agreement
According to unidentified sources, the concession agreement for the Mumbai Metro II – the 32-km-long underground Metro rail link between Charkop and Mankhurd via Bandra – will likely be scrapped by the Mumbai Metropolitan Region Development Authority (MMRDA) and Reliance Infrastructure.
It has been reported that the apparent termination of the concession deal for the Mumbai Metro II has been discussed at a May 6 meeting between the MMRDA officials and Reliance Infrastructure. The agreement was signed by the two parties in 2010.
About the reason behind the scrapping of the deal, the sources said that there has been “no progress” with regard to the Metro II plan because things were beyond the control of the Maharashtra government and Reliance Infrastructure.
Despite the fact that the termination of concession agreement has not been officially disclosed, it is believed that a formal order about the scrapping of the deal will likely be issued shortly.
Revealing that, as a result of the termination of the Metro II concession agreement, the Maharashtra government will return the Rs 160 crore bank guarantee which it had taken from Reliance Infrastructure, a source said on the condition of anonymity: “The agreement will be scrapped under its clause 24.2.1, which states that there would be no cost to any of the parties.”
Source – The Times of India
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