Banks under lens for funding Delhi airport line

The role of banks in funding about Rs 2,200 crore to the Delhi airport Metro line is under the scanner. Separately, the road ministry has written to the Central Vigilance Commission (CVC) to investigate if the developer, NHAI and banks violated norms while building the Rs 1,600 crore Delh-Gurgaon Expressway. 

In the case of Airport Metro Express project, which was bagged by Reliance Infra, lenders led byAxis Bank had extended a loan of Rs 2,220 crore against government-approved debt of Rs 1,247 crore. "The funding pattern mentioned what would be the debt component, equity and contribution of DMRC, Delhi and central governments. While DMRC has taken approval for higher spending, we have nothing on record showing the private player getting clearance for higher debt," said an urban development ministry official. Due to this increase, the DMRC now has to pay almost double the termination fee than what was envisaged. 

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