Latest news with #MMRDA
Time of India
15 hours ago
- Business
- Time of India
SC stays Bombay HC order asking MMRDA to deposit full ₹1,169 crore arbitral award to Ambani's metro JV
Advt Advt By , ET Bureau The Supreme Court has stayed a Bombay High Court order directing the Mumbai Metropolitan Region Development Authority ( MMRDA ) to deposit the entire arbitral award of ₹1,169 crore won by Mumbai Metro One Private Ltd (MMOPL), a subsidiary of Anil Ambani 's Reliance Infrastructure, in the apex court said the HC's direction to deposit the full award amount in favour of MMOPL will remain stayed, subject to MMRDA depositing 50 per cent of the awarded amount in the High Court.A bench led by Justice Manoj Mishra sought a response from MMOPL on MMRDA's appeal against the HC's July 10 order, which refused the latter's request for an unconditional stay on the arbitral top court further clarified that the pendency of the proceedings will not preclude the HC from continuing with the hearing of the application filed by MMRDA under the Arbitration and Conciliation Act , 1996. If the HC finally decides the application in the meantime, this interim order will abide by the HC's General Tushar Mehta, appearing for the state entity, argued that the HC's condition to deposit the entire awarded amount at this stage would be unduly harsh. Therefore, it was a fit case to modify the condition imposed by the High Court while granting interim relief to the Ambani in its appeal, submitted that the HC had erred in not granting interim relief, given that the arbitral award was patently illegal and perverse, beyond the scope of the arbitration agreement, in breach of principles of natural justice, and passed without application of mind or any evidentiary basis.A majority decision of the three-member arbitral tribunal in 2023 awarded ₹992 crore plus interest to MMOPL, a special purpose vehicle (SPV) between Reliance Infrastructure (74 per cent stake) and MMRDA (26 per cent stake). The award was passed in 2023 and corrected in 2024. The JV operates Mumbai's first metro line on the Versova-Andheri-Ghatkopar Maharashtra government had in June 2006 awarded the Metro One Project to the consortium of Reliance Infrastructure and Veolia Transport SA (now Transdev Ile-de-France).Multiple disputes arose between the parties over development, design, engineering, financing, procurement, construction, operation, and maintenance of the mass rapid transit system, as well as delays in project completion. The metro rail project was delayed by over two years. MMOPL claimed project costs increased from ₹2,356 crore to ₹4,321 crore, which MMRDA the Ambani firm invoked the arbitration clause under the Concession Agreement.
Time of India
a day ago
- Business
- Time of India
SC halts HC's Rs 1,169 crore deposit order in MMRDA–Reliance metro dispute
The Supreme Court has halted a Bombay High Court order that asked Mumbai Metropolitan Region Development Authority (MMRDA) to deposit the entire arbitral award of Rs 1169 crore that Mumbai Metro One Private Ltd ( MMOPL ), a subsidiary of Anil Ambani's Reliance Infrastructure , won in 2023. However, the apex court said that the HC direction to deposit the entire award amount favouring MMOPL will remain stayed subject to MMRDA depositing 50% of the awarded amount in the HC. A Bench led by Justice Manoj Mishra sought response from MMOPL on an MMRDA's appeal against the HC July 10 order that refused the latter's request for unconditional stay on the arbitral award. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The top court further clarified that the pendency of the proceedings shall not preclude the HC from proceeding further with the hearing of the application filed by MMRDA under of the Arbitration and Conciliation Act, 1996 and if, in the meantime, the HC finally decided the application, one way or the other, this interim order shall abide the order passed by the HC. Solicitor General Tushar Mehta, appearing for the state entity, contended that stay condition of depositing the entire awarded amount, at this stage, would be unduly harsh and therefore, it was a fit case to modify the condition imposed by the High Court while granting interim relief to the Ambani firm. Live Events MMRDA in its appeal submitted that the HC had erred in not granting the interim relief given that the impugned award passed by the tribunal was patently illegal and perverse, beyond the scope of the arbitration agreement , in breach of the principles of natural justice and passed without application of mind and without any basis of evidence. Majority decision of a three-member arbitral tribunal in 2023 had awarded Rs 992 crore with interest to MMOPL, a SPV between Reliance Infrastructure that holds 74% stake and MMRDA that holds 26% stake. The award was passed by the tribunal in 2023, and then corrected in 2024. The JV operates Mumbai's first metro line on Versova -Andheri-Ghatkopar corridor. The Maharashtra government had in June 2006 awarded the Metro One Project to the consortium of Reliance Infrastructure and Veolia Transport SA (now known as Transdev Lle – de - France). Multiple disputes arose between the parties over development, design, engineering, financing, procurement, construction, operation and maintenance of a mass rapid transit system, besides a delay in completion of the project. The metro rail project started with a delay of over two years. MMOPL claimed that the project costs increased from Rs 2,356 crore to Rs 4,321 crores, which the MMRDA has contested. Accordingly, the Ambani firm had invoked the arbitration clause under the Concession Agreement.
Mint
3 days ago
- Business
- Mint
IRCON International share price jumps 4% on multiple order book updates: Check Details
Stock Market Today: IRCON International share price gained more than 4% in the morning trades on Monday. The gains were led by multiple order book updates in the Metro railway segment: Check Details IRCON International announced multiple order book updates that lifted investor sentiments. IRCON International has announced receipt of a letter of acceptance (LOA) from the Mumbai Metropolitan Region Development Authority (MMRDA). Mumbai Metropolitan Region Development Authority has awarded the work to Ircon International Limited. The scope of work in one project os for CA-239, Line-5, Package-2: Design, Manufacture, Supply, Installation, Integration, Testing, and Commissioning of 220 kV Receiving Substation Including 220 kV, 33 kV & 25 kV Cabling Work, Complete kV Overhead Catenary System along with Switching Station, 33 kV Auxiliary Power Distribution System Including 33/0.415 kV Auxiliary Sub-Station (ASS), and Complete SCADA System. The work also includes electrical and Mechanical works, Lift & escalator works for part of the main line, stations & Kasheli Depot of the Mumbai Metro Rail Line 5 Project of MMRDA. Including 5 years of comprehensive maintenance after 2 years of defect liability and maintenance period. The contract value is ₹ 471.30 crore ( ₹ 471,297,282,000). Another LOA received by IRCON International from the Mumbai Metropolitan Region Development Authority has awarded the work to Ircon International Limited for CA-233, Line-6, Package-2: The scope of work involves design, manufacture, supply, installation, integration, testing, and commissioning of power supply and traction, E & M, and lifts & escalators, including 5 years of comprehensive maintenance after 2 years of defect liability maintenance period of Line 6 [Swami Samarth Nagar to Vikhroli (EEH)] of the Mumbai Metro Rail Project of MMRDA. The size of the order is ₹ 642.44 crore, or ₹ 642,440,245,134, and EUR 2,788,168.31 (Six Hundred and Forty-Two Crore Forty-Four Lakh Two Thousand Four Hundred and Fifty-One Rupees and Thirty-Four Paisa and Two Million Seven Hundred Eighty-Eight Thousand Euros Only) IRCON International Order also announced Receipt of a Letter of Award (LOA) from Rail Vikas Nigam Limited (RVNL) The scope of order for IRCON International in the state of Madhya Pradesh is for "Construction of Roadbed, Minor Bridges, Buildings, Installation of Track (Excluding Supply of Rails, Sleepers & Thick Web Switches), and other Civil Engineering and General Electrical Works in connection with New BG Railway Line Between Pipaliya Nankar (Excl.) – Budni (Incl.) Stations (Chainages 129.000 – 198.000 Km) in Indore-Budni section of Bhopal Division West Central Railway in Madhya Pradesh State, India " The order is for ₹ 755.79 crore IRCON International share price thereby opened at ₹ 192.10 and went on to hit highs of ₹ 195, and this meant gains of more than 4% during the intraday trades compared to the previous day's closing price of ₹ 186.95. Disclaimer: The views and recommendations made above are those of individual analysts or brokerage companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
3 days ago
- Business
- Mint
IRCON share price: Railway PSU stock jumps over 4% despite weak Indian stock market; here's why
A railway PSU stock, IRCON International, jumped over 4 per cent in morning trade on the BSE on Monday, July 21, in an otherwise weak market. IRCON share price opened at ₹ 192.10 against its previous close of ₹ 186.95 and jumped 4.30 per cent to an intraday high of ₹ 195. Around 10 AM, the PSU stock traded 2.46 per cent higher at ₹ 191.55. IRCON share price are rising after the railway PSU company received orders from IRCON and the Mumbai Metropolitan Region Development Authority (MMRDA). After market hours on Friday, July 18, IRCON announced that it had received a letter of award for a project floated by RVNL. The company bid for the project in a joint venture with JPWIPL, holding a 70 per cent stake, while JPWIPL held the remaining 30 per cent. The RVNL project is valued at nearly ₹ 756 crore, with IRCON's share of ₹ 529 crore. IRCON has received two separate orders from the Mumbai Metropolitan Region Development Authority, worth ₹ 471.30 crore and ₹ 642.44 crore, respectively. The ₹ 471 crore order is for the design, manufacture, supply, installation, integration, testing and commissioning of 220 kV receiving substation, including 220 kV, 33kV & 25kV cabling work, complete 25kV overhead catenary system along with switching station, 33kV auxiliary power distribution system and complete SCADA system, electrical and mechanical works, lift and escalator works for part of main line, stations and Kasheli Depot of Mumbai Metro Rail Line 5 project of MMRDA, including five years of comprehensive maintenance after two years of defect liability and maintenance period. The ₹ 642 crore order is for the design, manufacture, supply, installation, integration, testing, and commissioning of power supply and traction, E&M, lifts, and escalators, including five years of comprehensive maintenance after two years of defect liability maintenance period of line 6, from Swami Samarth Nagar to Vikhroli, of the Mumbai Metro Rail Project of MMRDA. (This is a developing story. Please check back for fresh updates.)
News18
4 days ago
- Automotive
- News18
Mumbai Wadala-Thane Metro-4: MMRDA Installs Steel Span Above Ghodbunder Without Disturbing Traffic
Last Updated: Mumbai Wadala-Thane Metro-4: 'Lifted and placed a 48-meter-long steel span over a busy road in 2 nights, keeping city heavy on Ghodbunder Road.' 100 Engineers, 4 Cranes, 2 Nights: How Metro-4's 325-Tonne Span Was Placed Without Holding Traffic The Mumbai Metropolitan Region Development Authority (MMRDA) on Friday installed a 48-metre-long steel span at Kapurbawadi Junction near Majiwada on Metro Line 4, linking Wadala and Kasarvadavli. The work on the Wadala-Thane line is now 84.5% complete, said MMRDA. In a post on X, MMRDA said: 'Lifted and placed a 48-meter-long steel span over a busy road in just 2 nights, keeping the city moving while we worked. Despite heavy rain, ongoing traffic on Ghodbunder Road, and limited space due to nearby flyovers, extra resources were deployed to keep the work going smoothly without any interruptions." Mumbai Metro-4: The 325-tonne steel span Length: 48m Height: 14m Weight: 325 tonnes मेट्रो लाईन ४ साठी एक ऐतिहासिक क्षण !एमएमआरडीएने कापूरबावडी जंक्शनजवळ स्टील स्पॅन यशस्वीरित्या बसवला आहे, हा स्टील स्पॅन मेट्रो लाईन ४ कॉरिडॉरच्या प्रगतीतील एक महत्त्वाचे पाऊल आहे! फक्त २ रात्रीत हे काम पूर्ण करण्यात आले. वर्दळीच्या रस्त्यावर ४८ मीटर लांबीचा स्टील स्पॅन उचलून… — MMRDA (@MMRDAOfficial) July 19, 2025 How was Mumbai Metro-4 steel span installed? Lifted by 700MT & 550MT cranes Backup cranes (500TN & 80TN) for full support Over 100 engineers, workers & safety staff 50+ trained traffic wardens 6 trailers, 3 Hydras, 3 Eicher trucks 3 Manlifters, 1 ambulance on standby 'We thank all the government authorities and agencies involved for their invaluable guidance and support, which played a crucial role in the successful and safe completion of this challenging work," said the MMRDA. About Mumbai Metro-4 The Wadala to Kasarvadavali Line 4 with 30 elevated stations, and its 2.7-kilometre extension Line 4A up to Gaimukh, are expected to substantially reduce daily c ommute times —by as much as 75% in some sections. The Wadala to Kasarvadavali link is a 32.32-km-long elevated corridor with 30 stations. The stations are Bhakti Park Metro, Wadala TT, Anik Nagar Bus Depot, Siddharth Colony, Garodia Nagar, Pant Nagar, Laxmi Nagar, Shreyes Cinema, Godrej Company, Vikhroli Metro, Surya Nagar, Gandhi Nagar, Naval Housing, Bhandup Mahapalika, Bhandup Metro, Shangrila, Sonapur, Mulund Fire Station, Mulund Naka, Thane Teen Haath Naka, RTO Thane, Mahapalika Marg, Cadbury Junction, Majiwada, Kapurbawdi, Manpada, Tikuji-Ni-Wadi, DongariPada, Vijay Garden, Kasarvadavali. Mumbai Metro-4 connectivity Metro-4 will provide interconnectivity to the Eastern Express Roadway, Central Railway, Mono Rail, the ongoing Metro Line 2B (D N Nagar to Mandale), Metro Line 5 (Thane to Kalyan), Metro Line 6 (Swami Samarth Nagar to Vikhroli). It will provide rail-based access to the commercial, government bodies and geographical landmarks in Mumbai. view comments Location : Mumbai, India, India First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
