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Countdown for Hyd metro rail begins

Source : BUSINESS_STANDARD
Last Updated: Thu, Jul 05, 2012 19:14 hrs

Hyderabad: The Andhra Pradesh government has declared July 5, 2012 (on Thursday) as the appointed date for the Hyderabad metro rail project, marking the countdown of the five-year period for the concessionaire to complete the whole project.

The move comes as a breather to L&T Metro Rail (Hyderabad) Limited, which had to face delays in execution due to various administrative reasons, to make up for the loss of time.

Though the concessionaire had achieved financial closure in March 2011, the appointed date could not be fixed till now as the government had not been able to fulfil certain obligations such as handing over of land, according to a press release issued on Thursday.

“Now, with the handing over of 244 acre of land, which is 91 per cent of the required 269 acre for the project, both the government and L&T MRHL have declared the appointed date,” the press release said.

Hyderabad Metro Rail managing director NVS Reddy and L&T MRHL chief executive VB Gadgil on Thursday exchanged the letters of appointed date.

With the fixation of the appointed date, the consortium of lenders led by State Bank of India, which had agreed to lend Rs 11,478 crore, will start disbursing the loan amounts, according to the press release.




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