India’s first fully privately financed Rapid Metro system, built by IL&FS Infrastructure, here is facing closure due to the financial crisis. According to the company spokesperson, the company is suffering losses for some time and is unable to operate any further.
“We have written to the Haryana government that the company could not run the service from September 9. We have urged it for takeover and are waiting for the reply,” the spokesperson said.
The takeover by the Haryana government is unlikely to be an easy affair. V. Uma Shankar, CEO of Gurugram Metropolitan Development Authority (GMDA), said the matter was pending in the National Company Law Tribunal (NCLT). “Until the NCLT gives any decision, there is no scope for the GMDA to take over the Metro,” Shankar said.