Hyderabad metro project to be completed in 5 1/2 years

Hyderabad: About a week after the Andhra Pradesh Government okayed the grant of the Hyderabad Metro Rail Project to it, Maytas Infra has announced that NMII (a consortium in which Maytas is a partner) won the Rs 12,000-crore project. The mandate for the consortium is to complete the project in five-and-half years.

The other members of the consortium are Navabharat Ventures Ltd, Ital Thai Development Public Company Ltd and IL&FS. “We have received the Letter of Award from the Andhra Pradesh Government, giving the concession for the development of Hyderabad Metro Rail Project on DBFOT (Design, Build, Finance, Operate and Transfer) basis.

The project is aimed at building the network on three routes, with a total length of 71 km. “Besides, the consortium bags the right to develop a real estate space of 18.5 million sq ft,” Mr Mohan Gurunath, Chief Executive Officer of Maytas Infra Assets Ltd, said.

“We also ensured an innovative financing proposal one that is a win-win for all. The consortium will be paying an amount to the State, which has a net present value equal to Rs 1,240 crore over a 34-year period,” he said.