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| Andhra, L&T sign pact for Hyderabad Metro Project |
| Press Trust Of India / Hyderabad Sep 05, 2010, 00:19 IST |
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The Andhra Pradesh (AP) government today signed a concession agreement with L&T Hyderabad Metro Rail Pvt Ltd, for development of the Rs 12,132-crore Hyderabad Metro Rail (L&T HMR) Project, under the public-private partnership initiative.
This would be the first project with a single largest investment in Andhra Pradesh, Chief Minister K Rosaiah said, as state Principal Secretary (Municipal Administration) T S Appa Rao and L&T HMR Managing director V B Gadgil signed the agreement this evening.
AP government awarded the Hyderabad Metro Rail Project to Larsen and Toubro on August 4, after the Rs 45,707 crore engineering and construction company emerged as the lowest bidder, seeking only Rs 1,458 crore as viability gap funding (VGF).
The VGF amount would be released by the Government of India, while AP government would spend Rs 1,980 crore towards acquisition of 204 acres of land at two places in Hyderabad, as well as relief and rehabilitation of the affected people.
L&T HMR is the special purpose vehicle formed by L&T for executing the project on a design, finance, build, operate and transfer basis, under the PPP model.
Noting that it was a “high priority” project for the state government, the chief minister said it would be a jewel not only for Hyderabad but also the country.
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