This case describes the execution of an urban public transportation project through a public private partnership (PPP). Delhi Metro Rail Corporation (DMRC) was a corporate body created by the Indian government and the government of National Capital Territory of Delhi for implementing a mass rapid transit system (MRTS) in Delhi. DMRC successfully completed phase I of the MRTS in 2006 and the government mandated that DMRC implement phase II of the MRTS project. The Japanese Bank of International Cooperation (JBIC) provided soft loans for both phases of the project. Meanwhile, the city of Delhi got the mandate to host the XIX Commonwealth Games 2010. As part of the preparations for these games, linking New Delhi Railway Station with Indira Gandhi International Airport through a metro system — Airport Express Metro Link (AEML) — became necessary for easing traffic congestion in the city. The timeline available for the AEML project was less than three years. At the same time, JBIC financial assistance was not available for this project. Dr. Sreedharan, managing director of DMRC, was thus facing the challenges of project financing and its timely delivery. In the past in India, the PPP model of infrastructure development had emerged as dominant. The case discusses various options available to DMRC for project financing and timely completion of the AEML project under the PPP mode.
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