Lenders likely to accept DMRC

NEW DELHI: The DMRC decision to run the Airport Express line from Monday seems to be suiting everybody, including the lenders. Reliance Infrastructure-led DAMEPL, the company running the premier Metro line, will hand over the project to DMRC on Sunday.

It has already informed DMRC twice in the past one month, the DAMEPL spokesperson said.

DMRC has said it would operate the line in “public interest” . But the lenders have the right to substitute the concessionaire , said its spokesperson on Saturday. “Our aim is to maintain continuity in service . If the lenders won’t wish to replace us, we would operate the line,” he added.

DMRC informed DAMEPL on Friday about the board decision but is yet to get any response in writing till Saturday evening, the spokesperson said.

A senior union urban development ministry official said the decision was necessary as DAMEPL had been “threatening” frequently to leave the project. “The project cannot be allowed to face uncertainty. Once the situation is under control, we can work out how and who would pay back the lenders’ debt,” said the official.

An executive of one of the lenders said DAMEPL had never defaulted.

He added that the lenders had learnt that DMRC would take over the project while the arbitration process of DAMEPL’s claims would continue. There are indications that the lenders won’t push for substitution as DAMEPL had been pushing for early exit after it underwent huge loss, sources said.