The Telangana government has decided to fast track the process of taking over Hyderabad metro rail phase-I project from Larsen & Toubro and expedite the formalities to complete the takeover soon.
In a cabinet meeting on Monday, chief minister A Revanth Reddy reviewed the progress in the takeover of the first phase. The meeting was held in the tribal hamlet of Medaram in Mulugu district, where the chief minister inspected the arrangements made for the upcoming Sammakka-Saralamma tribal fair.
Briefing reporters after the meeting, state information and public relations minister Ponguleti Srinivas Reddy said the cabinet examined the status of negotiations and procedural steps involved in the transfer.
On September 25, the Telangana government signed an agreement with L&T Metro Rail Hyderabad Ltd (LTMHRL) for complete take over the existing phase-1 of the Hyderabad metro rail project, as the L&T decided to exit from the project due to mounting losses. As part of the agreement, the state government agreed to absorb the existing debt of L&T of about ₹13,000 crore, besides returning ₹2,000 crore to the company towards its equity investment as a one-time settlement.
The minister said negotiations were going on to complete the takeover process before March in order to enable smoother operations and future expansion of the metro network.
{{/usCountry}}The minister said negotiations were going on to complete the takeover process before March in order to enable smoother operations and future expansion of the metro network.
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