Decision on Hyderabad Metro Rail depends on financial closure: CM

Hyderabad: The fate of the Rs 12,132-crore Hyderabad Metro rail project awarded to the Maytas Infra-led consortium will be decided based on whether it manages to achieve financial closure in the stipulated time, that is within six months of signing the agreement.

“If they do not manage to achieve financial closure by next month, their contract will be cancelled,” Dr Y.S. Rajasekhara Reddy, Andhra Pradesh Chief Minister, said.

Speaking on the Hyderabad metro project, Dr Reddy said the project was awarded to Maytas Infra, Nava Bharat, IL&FS and Ital Thai consortium amidst stiff global competition. The Maytas bid was chosen as it sought no viability gap funding and in fact was paying money to the State.

The State Government is monitoring the progress of various projects currently being executed by Maytas Infra.

It has also drawn up proposals to complete the sea port-airport road in Kochi and to create facilities for seaplanes and helicopters to operate in the city and also in other parts of the State.