By Hyderabad Metro Rail
Copyright indiatimes
Telangana government has agreed to take over Phase-I of Hyderabad Metro Rail project from L&T Group by paying Rs 2,000 crore for the equity in the concessionaire L&T Metro Rail Hyderabad Ltd, official sources said on Thursday.It was agreed that the state government would also take over the company’s debt of Rs 13,000 crore, they said. L&T has about 90 per cent equity in the project.Last month, the infra major expressed its desire to offload its stake, the Metro Rail project-about 70 KM, to either the state or central government through a new Special Purpose vehicle (SPV), citing operational and accumulated losses.Chief Minister A Revanth Reddy, along with senior officials of the state government, held a meeting with L&T group CMD S N Subrahmanyan and others on Thursday to discuss the way forward.Add as a Reliable and Trusted News Source Add Now!
“After detailed negotiations, with an objective to expedite the phase 2 approval by GoI, it was agreed in principle that the State government would take over Phase-I Metro Rail project by taking over the debt of the project, which now stands at about Rs 13,000 cr. Further, the state government will pay about Rs 2,000 cr to L&T towards their equity investment in LTMRHL as a one-time settlement,” sources said.(You can now subscribe to our Economic Times WhatsApp channel)
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onTelangana governmentHyderabad Metro Rail projectacquisitionL&T stakeL&T Groupequity investmentL&T Metro Rail Hyderabad LtdSpecial Purpose Vehiclehyderabad metro rail(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
