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• Mumbai Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure Ltd, has entered into a debt restructuring agreement with the National Asset Reconstruction Company Limited (NARCL), a government-owned entity.
• The restructuring will reduce MMOPL's outstanding debt by more than INR 1,100 crore and lead to the withdrawal of insolvency proceedings initiated against the company.
• MMOPL operates the Versova–Andheri–Ghatkopar Metro Line-1, one of Mumbai's busiest metro corridors, serving over five lakh commuters daily.
• The agreement covers financial obligations of INR 2,771.32 crore and includes a monitoring mechanism to oversee implementation of the restructuring plan.
Mumbai Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure Ltd, has signed a debt restructuring agreement with the National Asset Reconstruction Company Limited (NARCL), marking a significant step towards strengthening the financial position of the company that operates Mumbai's Versova–Andheri–Ghatkopar Metro Line-1. The agreement was executed on July 9, 2026, according to a regulatory filing by Reliance Infrastructure.
The restructuring will result in a reduction of more than INR 1,100 crore in MMOPL's outstanding debt payable to NARCL, based on the company's debt position as of March 31, 2026. As part of the agreement, the insolvency proceedings initiated against MMOPL will also be withdrawn, providing relief to the metro operator and enabling it to focus on its core operations.
MMOPL is a joint venture in which Reliance Infrastructure holds a 74% stake, while the Mumbai Metropolitan Region Development Authority (MMRDA) owns the remaining 26%. The company owns, operates and maintains the Versova–Andheri–Ghatkopar Metro Line-1, which serves as a key east-west transit corridor in Mumbai and carries more than five lakh passengers every day.
According to the filing, the restructuring agreement covers financial obligations amounting to INR 2,771.32 crore. Under its terms, NARCL will have the right to nominate a director to MMOPL's board, while a monitoring committee comprising representatives of both the lender and MMOPL will oversee implementation of the restructuring. The agreement also includes customary financial and operational covenants governing certain corporate actions.
Reliance Infrastructure said the restructuring represents an important milestone in resolving MMOPL's debt and improving its long-term financial sustainability. The company noted that the agreement would support the uninterrupted operation and maintenance of Metro Line-1 while strengthening the metro operator's ability to continue providing reliable urban transit services in Mumbai.
Source: Reliance Infra
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