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Thursday, October 17, 2019

Expensive mistakes: High cost, low ridership, location ensured failure of the Rapid Metro | Opinion

On Monday, the Punjab and Haryana High Court asked Infrastructure Leasing & Financial Services (IL&FS) Limited to operate and maintain the Gurugram Rapid Metro, country’s first fully privately-developed project, till September 17. The two special purpose vehicles (SPVs) of IL&FS— Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited—that have been running the Rapid Metro in Gurugram since 2013 and 2017, respectively, have served their termination notices to state government stating an alleged breach of contract. Besides, the IL&FS is currently facing bankruptcy proceedings in the National Company Law Appellate Tribunal (NCLAT).


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