The Maharashtra Cabinet has granted an initial approval for the acquisition of Mumbai Metro One.
This move involves the takeover of a public-private partnership project jointly owned by Reliance Infrastructure, headed by Anil Ambani, and the Mumbai Metropolitan Region Development Authority.
An estimate by The Hindustan Times values Ambani's 74% stake in the venture at ₹4,000 crore. Mumbai Metro One, the city's inaugural metro project initiated in 2007 under the Build-Operate-Transfer or BOT model, has been embroiled in disputes between its joint venture partners.
The MMRDA-Reliance Infra joint venture has been fraught with disputes over various issues, including the project's costs, commercial exploitation of metro premises, ticketing structure, and fare hike demands by MMOPL.
Despite being the most crowded metro to date, MMOPL has consistently claimed losses, while MMRDA has questioned these claims and rejected fare hike demands.