Delhi Metro Rail Corporation (DMRC) chief Mangu Singh has told the urban development ministry that the amount equivalent to termination payment (Rs 1,820 crore) that the DMRC has to pay to the concessionaire of the airport express line should be given to DMRC as an interest-free subordinate debt to be equally shared by the Centre and government of National Capital Territory of Delhi (GNCTD).
The operations of the 22.7-km express line was handed over to DMRC after the concessionaire Reliance Infra promoted Delhi Airport Express Private (DAMEPL) pulled out of the project on July 1. The banks have already told DMRC to terminate the concession agreement with DAMEPL on account of default. According to the concession agreement, DMRC is liable to pay 80% (Rs 1,820 crore) of the outstanding debt (Rs 2,274 crore) as termination payment.
To sort out the issue of termination payment Singh has written to the MoUD suggesting sources of the funds to pay the termination amount.
26/09/13 Rajat Arora/Financial Express
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The operations of the 22.7-km express line was handed over to DMRC after the concessionaire Reliance Infra promoted Delhi Airport Express Private (DAMEPL) pulled out of the project on July 1. The banks have already told DMRC to terminate the concession agreement with DAMEPL on account of default. According to the concession agreement, DMRC is liable to pay 80% (Rs 1,820 crore) of the outstanding debt (Rs 2,274 crore) as termination payment.
To sort out the issue of termination payment Singh has written to the MoUD suggesting sources of the funds to pay the termination amount.
26/09/13 Rajat Arora/Financial Express
