Hyderabad: Work on the Hyderabad Metro Rail (HMR) project will begin in January next year, union Minister for Urban Development S Jaipal Reddy said here on Thursday.
He told reporters that the foundation stone for the Rs 12,132 crore project would be laid in January and it is expected to be completed in five years.
Reddy said the central government would provide Rs 1,458 crore under the Viability Gap Funding (VGF) for the project. The developer will be asked to achieve financial closure for the project by December 10.
Leading construction group Larsen & Toubro (L&T) on Wednesday bagged the project. However, the State government is yet to make a formal announcement in this regard.
L&T emerged as the lowest bidder seeking Rs 1,458 crore, the least from the government in terms of VGF. The Central government had agreed to give Rs 2,363 under VGF.
A three-member committee picked L&T out of six companies that bid for the mega project, which was initially awarded to Maytas Infra in 2008.