Times of India: Mumbai: Monday, 22 April 2024.
Mumbai Metropolitan Region Development Authority has refused to disclose details under RTI of the report of an independent study group based on which the state cabinet last month approved the takeover of R-Infra’s 74% stake in Metro-1 for Rs 4,000 crore.
“MMRDA maintained that these documents cannot be made available as they are commercial in nature. This is unacceptable as the public has the right to know the contents of the report, which formed the basis of greenlighting the acquisition of Metro-1’s 74% stake,” said RTI activist Anil Galgali, who had sought a copy of the report prepared by the study group headed by former chief secretary Johny Joseph.
The state cabinet had on March 11 cleared the purchase of Anil Ambani-owned R-Infra’s 74% stake by MMRDA. TOI had previously reported that the Johny Joseph-headed study group had valued the stake at Rs 4,000 crore. The buyout by MMRDA would allow R-Infra to exit the project four years after it had asked govt to purchase its stake in 2020, following losses incurred during the pandemic.
MMRDA is the nodal authority implementing the 337km Metro network in Mumbai Metropolitan Region. The 11.4km Metro-1 line, the oldest such in the city, runs through Versova-Andheri-Ghatkopar and has a daily ridership of 4.5 lakh. It is the only corridor executed through a public-private partnership. It is run by a special purpose vehicle (SPV) Mumbai Metro One Private Ltd (MMOPL). MMRDA has a 26% stake in the SPV, while R-Infra holds 74%. After the buyout, MMRDA will completely own MMOPL.
Galgali said MMRDA had in Jan 2023, in response to another RTI application from him, said that the acquisition was in progress and information on the takeover would be provided once the process was completed.
According to the documents provided by MMRDA to the activist under RTI Act in 2023, R-Infra had requested the nodal agency in July 2020 to acquire MMOPL by making an offer for its 74% equity. The documents showed that as per a letter written in June 2020, MMOPL had invested Rs 2,969 crore, including debt and equity. The total cost of the project was Rs 2,356 crore.
Mumbai Metropolitan Region Development Authority has refused to disclose details under RTI of the report of an independent study group based on which the state cabinet last month approved the takeover of R-Infra’s 74% stake in Metro-1 for Rs 4,000 crore.
“MMRDA maintained that these documents cannot be made available as they are commercial in nature. This is unacceptable as the public has the right to know the contents of the report, which formed the basis of greenlighting the acquisition of Metro-1’s 74% stake,” said RTI activist Anil Galgali, who had sought a copy of the report prepared by the study group headed by former chief secretary Johny Joseph.
The state cabinet had on March 11 cleared the purchase of Anil Ambani-owned R-Infra’s 74% stake by MMRDA. TOI had previously reported that the Johny Joseph-headed study group had valued the stake at Rs 4,000 crore. The buyout by MMRDA would allow R-Infra to exit the project four years after it had asked govt to purchase its stake in 2020, following losses incurred during the pandemic.
MMRDA is the nodal authority implementing the 337km Metro network in Mumbai Metropolitan Region. The 11.4km Metro-1 line, the oldest such in the city, runs through Versova-Andheri-Ghatkopar and has a daily ridership of 4.5 lakh. It is the only corridor executed through a public-private partnership. It is run by a special purpose vehicle (SPV) Mumbai Metro One Private Ltd (MMOPL). MMRDA has a 26% stake in the SPV, while R-Infra holds 74%. After the buyout, MMRDA will completely own MMOPL.
Galgali said MMRDA had in Jan 2023, in response to another RTI application from him, said that the acquisition was in progress and information on the takeover would be provided once the process was completed.
According to the documents provided by MMRDA to the activist under RTI Act in 2023, R-Infra had requested the nodal agency in July 2020 to acquire MMOPL by making an offer for its 74% equity. The documents showed that as per a letter written in June 2020, MMOPL had invested Rs 2,969 crore, including debt and equity. The total cost of the project was Rs 2,356 crore.
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