NEW DELHI (Metro Rail News): Delhi Metro Rail Corporation (DMRC) is seeking a loan of Rs 2,700 crore to buy the Airport Line assets, for which it has invited bids from 18 banks. This decision comes after the decision of Supreme Court in which the court instructed DMRC to pay Rs 4,600 crore plus interest to Reliance Infrastructure for the termination of a contract to operate the Airport Express Line.
DMRC had sent a letter to 18 banks on May 19 which stated, “DMRC proposes to raise loan to the tune of Rs 2,700 crore for purchase of Airport Line assets.” The Banks, which are willing to extend the above loan, are requested to submit their bid on the broad terms and conditions, the letter added. The Banks to which the letter was sent included State Bank of India, Canara Bank, Axis Bank, Bank of Baroda, HDFC Bank, ICICI Bank and Yes Bank, etc.
According to DMRC‘s bid Rs 2,700 crore will be drawn within 12 months, with the loan tenor being 15 years including a 4-year moratorium. The loan will be given against DMRC’s property and lands.
The Airport Express Line links the New Delhi Railway Station to the city airport and it was commissioned on February 23, 2011 at an investment of over Rs 2,885 crore. This project was funded by the DAMEPL promoters’ fund, banks, and financial institutions.
