Rio de Janeiro Metro (Opportans concessao metroviaria)

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In January 1998, the state government of Rio de Janeiro awarded a 20-year concession for the operation and management of the Rio de Janeiro metro to the consortium Opportans concessao metroviaria SA. Opportrans is a partnership between Brazilian Banco Opportunity (51%), through its subsidiary Sorocaba Empreendimentos e Participacoes, the Argentinean Cometrans (40%) and Valia (9%). Opportunity will pay R$292 million (US$ 262 million) for the concession, 921% above the governments' minimum price. Monthly payments start in July 1998, after the opening of line 1 to Arcoverde and line 2 to Pavuna. The concession includes the possibility of an additional 20-year extension. The contract includes the completion of network extensions financed by the state government. Ownership of track and equipment remains with the state government. In the first two years of operation, Opportrans raised the number of subway users by 24%. In December 2007, an extension of the concession contract was agreed with the state government: the concessionaire would operate the infrastructure until 2038 and was expected to invest US$ 589.7 million(BRL 1150 million) in rolling stock and infrastructure improvement until 2014. In March 2009, Invepar, an investment fund controlled by the construction company OAS, Previ, Petros and Funcef, took over the control of Metro Rio 9 (Concessão Metroviaria do Rio de Janeiro) for US$ 550 million (BRL 1.1 billion). In early 2010, this contract renewal was being questioned in courts (the extension occurred prior to the expiration date and there was no competitive bidding). Brazilian consortium Opportrans will invest 950mn reais (US$538mn) in the concession to operate the subway serving Rio de Janeiro city, Metrô Rio, for 20 more years until 2038, the company said in a release sent to São Paulo's Bovespa stock exchange. The investments undertaken by Metro Rio in its network were US$ 3 million (R$ 5.5 million) in 1999, US$ 4.3 million (R$ 8.3 million) in 2000, US$ 6.5 million (R$ 14.4 million) in 2001 and US$ 3.6 million (R$ 12.7 million) in 2002