India Breaking Buzz

The state cabinet has approved the purchase of Anil Ambani’s company, which might shortly get Rs 40000000000

<p>The acquisition of the Ghatkopar-Versova Mumbai Metro One has received preliminary approval from the state cabinet, meaning Anil Ambani’s Reliance Infrastructure Limited might soon get Rs 4000 crore. For those who do not know, the first metro project implemented under the Build-Operate-Transfer (BOT) principle was Mumbai Metro One. The Mumbai Metropolitan Region Development Authority (MMRDA) and Reliance Infrastructure Limited (R-Infra), headed by Anil Ambani, are the entities behind the Ghatkopar-Versova Mumbai Metro One. Anil Ambani, the brother of Mukesh Ambani, has a stake in Metro One valued at Rs 4000 crore.</p>
<p><img decoding=”async” class=”alignnone wp-image-500530″ src=”×551.jpeg” alt=” the state cabinet has approved the purchase of anil ambanis company which might sh” width=”1001″ height=”736″ title=”The state cabinet has approved the purchase of Anil Ambani's company, which might shortly get Rs 40000000000 12″ srcset=”×551.jpeg 750w,×564.jpeg 768w, 960w” sizes=”(max-width: 1001px) 100vw, 1001px” /></p>
<p>Mumbai Metro One Pvt Ltd (MMOPL) is owned by Anil Ambani to the tune of 74%, with MMRDA holding a 26% share in the joint venture. A panel headed by retired IAS officer and former chief secretary Johny Joseph allegedly valued Anil Ambani’s 74% shareholding in MMOPL at Rs 4000 crore using the discounted cash flow approach. The state cabinet has already given its approval to the report.</p>
<p>Recall that there were several disagreements in the joint venture between MMRDA and Anil Ambani’s Reliance Infra. Numerous MMRDA commissioners reportedly opposed working with a private company on the project. Interestingly, despite being the most packed metro to date, MMOPL consistently reported losses. MMRDA also raised concerns about MMOPL’s ticketing system and use of the metro area. MMOPL’s request to increase rates was denied as a result of the disagreement.</p>

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