Reliance Infrastructure has been awarded Rs 157.64 crore plus interest by an arbitral tribunal in a dispute with the Mumbai Metropolitan Region Development Authority (MMRDA) over subordinated debt extended to their metro rail joint venture, the company said in a regulatory filing.
The award comes weeks after the same joint venture secured a separate debt restructuring that pulled it back from insolvency proceedings.
Reliance Infrastructure wins arbitration against MMRDA
The arbitration centred on subordinated debt that Reliance Infrastructure had provided to Mumbai Metro One Private Limited (MMOPL), the special purpose vehicle that operates the Versova-Andheri-Ghatkopar Metro Line 1 corridor. MMOPL is a joint venture in which Reliance Infrastructure holds a 74% stake, and MMRDA holds the remaining 26%.
In a disclosure to the BSE and the National Stock Exchange, the company said the arbitral tribunal ruled in its favour on the claims relating to the cost of the subordinated debt.
A restructuring just weeks earlier
The award follows a separate financial overhaul at MMOPL. In a recent filing, Reliance Infrastructure disclosed that MMOPL had signed a Master Restructuring Agreement with National Asset Reconstruction Company Limited (NARCL), a government-backed entity, to restructure debt obligations sized at Rs 2,771.32 crore. The agreement cut MMOPL’s outstanding debt to NARCL by more than Rs 1,100 crore as of March 31, 2026, and led to the withdrawal of insolvency proceedings that had been initiated against the company.
Under the terms of the agreement, NARCL was given the right to nominate a director to MMOPL’s board, and a monitoring committee comprising representatives of the lender and MMOPL was set up to oversee the restructuring’s implementation. The company said the transaction does not qualify as a related-party transaction, since NARCL has no ties to the promoter or promoter group.
About Reliance Infrastructure
Reliance Infrastructure is a Mumbai-based, Anil Ambani-led infrastructure and utilities company incorporated in 1929, with businesses spanning power generation, transmission and distribution, engineering and construction, and infrastructure assets including toll roads, metro rail and airports.
About MMRDA
The Mumbai Metropolitan Region Development Authority was established under the Mumbai Metropolitan Region Development Authority Act, 1974, and is engaged in long-term planning, promotion of new growth centres, implementation of strategic projects and financing of infrastructure development across the Mumbai Metropolitan Region. It is headed by the Minister for Urban Development, Government of Maharashtra, as Chairman of the Authority.