Ayala Corp. and Metro Pacific Investments Corp. (MPIC) will set up a joint venture to bid for the Light Rail Transit (LRT) Line 1 Expansion Project.
Light Rail Manila Holdings, Inc., the MPIC and Ayala joint venture, was reserved for incorporation last June 7 and will serve as the conglomerates' partnership vehicle for all rail projects that the government will put on the auction block under the public-private partnership (PPP) scheme.
"It is still in the process of incorporation," said Eric T. Francia of the Ayala Corp., who added that the business entity will be incorporated within a month.
He confirmed that the joint venture whose application is still pending in the Securities and Exchange Commission (SEC) would be initially used for the LRT 1 expansion project, where the two companies eye a 50-50 team-up.
Last week, the government published an invitation to prequalify and bid for the P60-billion LRT 1 expansion and management project.
Aside from the Land Rail Manila Holdings, Inc., many other local and foreign firms have already expressed interest in the project, including San Miguel Corp. and another joint venture between China Railway Construction Corporation Ltd. and Ecorail Transport Services, Inc.