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Metronet takes over tube maintenance
Failed Tube maintenance company Metronet has been taken over by Transport for London (TfL).
Metronet went into administration in July last year after running into financial difficulties.
It was responsible for the maintenance of the District line along with the Bakerloo, Central, Victoria, Waterloo & City, Circle, Hammersmith & City, Metropolitan and East London lines.
The firm's collapse sparked fierce criticism of the public private partnership arrangements to upgrade the capital's underground network.
TfL pledged to make the Tube more reliable and increase passenger capacity by investing in new trains, signalling systems and station revamps.
Spending on the eight lines that were previously Metronet's responsibility is forecast to be about £1.4 billion over the coming financial year, it said.
London Mayor Boris Johnson said: "Since Metronet went into administration there has been a protracted period of uncertainty, resulting in the millions who rely on the Tube not knowing when the needed improvements would be delivered.
"With Metronet now out of administration and under the control of TfL we can ensure that the crucial upgrade work is continued and delivered on time, while representing good value for the capital."
"Londoners deserve nothing less, and I will be working closely with TfL to make sure that the improvements are delivered," Mr Johnson added.
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