India, July 11 -- Mumbai Metro One Private Limited (MMOPL), which runs the 11.4-km, Versova-Andheri-Ghatkopar metro line, has received a financial lifeline, with more than Rs.1,100 crore of its debt set to be reduced. Insolvency proceedings against the company will also be withdrawn in the National Company Law Tribunal (NCLT). This would provide financial headroom for the company to improve the frequency of its services and operations.

MMOPL is a joint venture, through the Public Private Partnership (PPP) model, in which Reliance Infrastructure holds a 74% stake and MMRDA holds 26%. The metro line carries around 530,000 commuters daily on weekdays.

MMOPL has signed on July 9, a debt-restructuring agreement with the government-backed Nat...