Hyderabad metro achieves financial closure

Larsen & Toubro (L&T), the concessionaire for the Rs 12,132 crore Hyderabad Metro Rail (HMR) project achieved financial closure on Thursday. L&T had signed an agreement with the Andhra Pradesh government for the project on September 4, 2010.

According to the agreement, it achieved the financial closure within six months. Sources say, a consortium of top bankers had offered funding support during a meeting with HMR and government officials last week.

L&T had already paid performance guarantee of Rs 360 crore to the government last month. L&T was the lowest bidder which sought Rs 1,458 crore viability gap funding offered by the Centre.

 

The project involves building of three elevated metro lines measuring 71.16 km.