Title - Reliance Infra exits Delhi airport metro operation

Delhi Airport Metro Express Pvt Ltd (DAMEPL), a special purpose vehicle of Reliance Infrastructure Ltd (RInfra), has announced that it has exited Delhi airport metro operations and the takeover of operations by Delhi Metro Railway Corporation (DMRC) has been completed.

Under the terms of the concession agreement, DMRC is now liable to pay DAMEPL a termination payment equal to 130 per cent of the adjusted equity and 100 per cent of the debt due for the project as the termination has arisen owing to DMRC’s Event of Default.

The matter has been referred to arbitration, in accordance with the dispute resolution mechanism specified in the agreement, RInfra said in a filing to the BSE.

As legally advised, DAMEPL’s claims for the termination payment are fully justified and enforceable, and RInfra is confident of recovering its entire investment in DAMEPL, it added.

PTI adds that this could translate to Rs 2,800 crore though Reliance Infra did not specify the amount.