Delhi Airport Metro: Lenders slap recovery notices on DMRC, RInfra

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By K. SRIVATS  http://www.thehindubusinessline.com

Faced with their loan exposure to the Delhi Airport Metro Express Link project turning into a non-performing asset, a consortium of lenders has initiated steps for recovery of the dues.

1The lenders’ consortium, headed by Axis Bank, has sent recovery notices to both Reliance Infrastructure (promoter of the original concessionaire) and Delhi Metro Rail Corporation (which is now operating the Airport Metro link), sources in the banking industry said.

The consortium has an overall exposure of about Rs 1,800 crore to the project.

The lenders had met senior Finance Ministry officials on the issue recently, sources said.

Delhi Airport Metro Express Pvt Ltd , the special purpose vehicle floated by RInfra to execute the project, had in July said it had terminated the concession agreement with DMRC through a notice sent in October 2012.

The termination is, however, under arbitration.

Banks contend that the notice for termination does not absolve RInfra of repayment of the dues. More info

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