The Hindu Business Line : Hyderabad Metro SPV will have Rs 100-cr capital

Hyderabad April 12 Hyderabad Metro Rail (HMR) Ltd, a special purpose vehicle, has been formed with authorised capital of Rs 100 crore to implement the Rs 8,482-crore mass transit system.

The SPV would be the `concessioning authority' and a single point agency co-ordinating on behalf of both the Central and State Governments, in implementing one of the largest public, private partnership projects in the country that seeks to decongest three most dense corridors in Hyderabad.

As a part of the arrangement, the SPV will become the owner of 266 acres of land, of this 233 acres belongs to the State and the rest private, required for the 64-km-long project.

The Government has appointed the Principal Secretary, Municipal Administration and Urban Development, Mr SP Singh, as the Chairman, and Mr NVS Reddy, as the Managing Director of Hyderabad Metro Rail Project.

Mr Reddy told newspersons that the State would transfer the land to HMR and after a 35-year lease term revert back to the State since the project would be taken on build own and transfer model.

In addition, a sum of Rs 261 crore has been earmarked to acquire 43 acres from private parties and this has in fact meant bringing down the overall cost from Rs 8,760 crore initially planned to Rs 8,482 crore.

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