Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Mexico voids BlackRock consortium's bid for 'Mayan Train' project

Published 09/09/2020, 12:27 AM
Updated 09/09/2020, 12:30 AM
© Reuters. FILE PHOTO: A sign for BlackRock Inc hangs above its building in New York

© Reuters. FILE PHOTO: A sign for BlackRock Inc hangs above its building in New York

MEXICO CITY (Reuters) - Mexico declared void a tender process, where a consortium that includes U.S. investment group BlackRock Inc (N:BLK) was the sole bidder, to build a section of one of the government's flagship infrastructure projects, the so-called "Mayan Train".

The 1,470-km (910-mile) train project is designed to link tourist hot spots and spur development on the Yucatan Peninsula at an estimated cost of $7 billion.

Deemed essential infrastructure by the government, the rail project is a top priority of President Andres Manuel Lopez Obrador, who hopes it will be a major generator of jobs in the country's poorer south.

Mexico's National Fund for Tourism Promotion (Fonatur) initially planned to announce the decision on Aug. 31, but said it needed more time to analyze the proposal from BlackRock and its partners.

BlackRock did not respond outside of U.S. office hours.

The Greenfield SPV VIII proposal, a consortium with BlackRock Mexico Infraestructura II and other companies, was the only bidder for the 121-km (75-mile) "section 5" that runs from Cancun to Tulum in Quintana Roo state.

© Reuters. FILE PHOTO: A sign for BlackRock Inc hangs above its building in New York

Fonatur said in a statement late Tuesday that the bid's economic proposal was "not solvent" and that it would open another bidding process for "section 5" under a different scheme that has yet to be determined.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.