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DMRC invites bids from 18 banks to raise loans to 'purchase Airport Line assets'

This comes in the backdrop of the Supreme Court in early May upholding a Delhi High Court order directing DMRC to pay over Rs 4,600 crore of the arbitral award along with interest to the Delhi Airport Metro Express Private Limited (DAMEPL) in two equal installments in two months.

India TV News Desk Edited by: India TV News Desk New Delhi Published on: June 10, 2022 11:31 IST
dmrc, delhi metro
Image Source : PTI

DMRC invites bids from 18 banks to raise loans to 'purchase Airport Line assets'

The Delhi Metro Rail Corporation on Thursday invited bids from 18 banks to raise a loan of Rs 27,000 crore for the purchase of 'Airport Line assets'. This comes in the backdrop of the Supreme Court in early May upholding a Delhi High Court order directing DMRC to pay over Rs 4,600 crore of the arbitral award along with interest to the Delhi Airport Metro Express Private Limited (DAMEPL) in two equal installments in two months.

According to the letter dated May 19, sent to 18 major banks, "DMRC proposes to raise a loan to the tune of Rs 2,700 crores for purchase of Airport Line assets". Banks who are willing to extend the above loan, are requested to submit their bid on the broad terms and conditions.

A letter has been sent to State Bank of India, Canara Bank, Axis Bank, Bank of Baroda, HDFC Bank, ICICI Bank, and Yes Bank, among others. "DMRC invites bids in two parts i.e.part I -- unpriced bid and part II -- price bid from banks to whom this letter of invitation is sent to submit their most competitive rate," reads the letter, a copy of which is with news agency PTI.

"The unpriced bid shall have the confirmation of the statements contained therein and priced bid contains applicable rate for the loan," according to the letter.

The Airport Express line, connecting New Delhi station and city airport was commissioned on February 23, 2011, after an investment of over Rs 2,885 crore, funded by the DAMEPL's promoters' fund, banks, and financial institutions.

(With PTI Inputs)

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