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Metro, monorail crawl as MSRDC defaults on Rs1,356-crore MMRDA loan
The Mumbai Metropolitan Region Development Authority and the Maharashtra State Road Development Corporation have locked horns over issues of lending.
Updated : Mar 03, 2011, 10:40 PM IST
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The Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra State Road Development Corporation (MSRDC) have locked horns over issues of lending.
The former has written a letter to the latter, asking it to be prompt in repaying a loan of close to Rs1,350 crore as the unpaid amount is affecting the metro and monorail projects.
MMRDA metropolitan commissioner (in-charge) SVR Srinivas recently wrote to MSRDC vice chairman and managing director Bipin Shrimali to remind him about the loan. The letter dated February 24, a copy of which is with DNA, said that the MMRDA’s short and long-term loans to the MSRDC since 1997 add up to Rs1,356 crore (with interest).
The letter further said that the MMRDA needs to make mega investments, as it has committed finances for various infrastructure projects in the region — including the metro and monorail. “The non-realisation of cash flow as envisaged earlier has started affecting these projects,” said the letter. It argued that the MSRDC was in a position to repay the loan after a land auction and entry point securitisation contract.
MSRDC secretary and financial advisor RM Pandav said that he was unaware about any such letter written by the MMRDA.
As per the letter, the loan includes two specific projects — the Mumbai-Pune Expressway and the Mumbai flyovers project. Apart from these, the authority has given loans for many other MSRDC projects till 2008. “However, there were several issues with regards to loan agreement that were yet to be complied [with], including securitisation and creating second charge for MMRDA loans,” said the letter.
It added that the MMRDA withheld further disbursements of long-term loans in 2008, as the MSRDC did not comply with the conditions. A senior MMRDA official told DNA: “When a loan is given for a specific project, the borrower has to open an Ecsro account for deposits and re-payment. However, the MSRDC does not have a specific account. Its accounts are with some other bank. When we enquired about the Ecsro account, we were given an account with a completely different bank. We did not accept it.”
