Mumbai Metro One restructures debt with NARCL, avoids insolvency

Mumbai: Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure, and the operator of the city's Versova–Andheri–Ghatkopar Metro Line-1, on Friday, said it has achieved debt restructuring, pulling the company back from the brink of insolvency.

The overall size of the restructuring agreement stands at Rs 2,771.32 crore.

In a regulatory filing, the company said it has signed a Master Restructuring Agreement (MRA) with National Asset Reconstruction Company Limited (NARCL), a government-backed asset reconstruction entity, on July 9, 2026.


Mumbai Metro One Private Limited is a joint venture between Reliance Infrastructure Limited, holding 74% equity stake, and Mumbai Metropolitan Region Development Authority (MMRDA), holding 26% stake.

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"The debt restructuring marks a significant milestone in resolving MMOPL's debt and
strengthening its financial position, enabling it to continue focusing on the efficient and uninterrupted operation and maintenance of the Versova–Andheri–Ghatkopar Metro Line-1, while reinforcing its long-term operational sustainability," the company said.

As part of the restructuring terms, NARCL has secured the right to nominate a director to MMOPL's board. The agreement also establishes a monitoring committee, which will have representatives from both the lender and MMOPL, tasked with overseeing how the restructuring is carried out.