Construction to be completed within five years
Hyderabad Metro Rail project has declared July 5, 2012 as the ‘appointed date’ and the construction will have to be completed within five years from today. The lenders’ consortium headed by SBI will also start disbursing loans.
The Andhra Pradesh Government and the Concessionaire L&T Metro Rail Hyderabad Ltd (L&TMRHL) have agreed on the date which is crucial in the construction of the project.
Though financial closure for the project was achieved in March 2011, L&T could not start the project works due to delay in handing over 104 acres of depot land at Miyapur and certain other land parcels.
On the assurance given by the Government, L&T started construction activity from May this year but the appointed date could not be declared as Government had to fulfil certain conditions. Now with the handing over of 244 acres, which is 91 per cent of the required 269 acres, both Government and L&T have declared the appointed date.
The Managing Director of Hyderabad Metro, Mr N.V.S. Reddy, and L&T Metro Managing director, Mr V.B. Gadgil, exchanged letters of declaration in the presence of the State Chief Secretary and Chairperson, Ms Minnie Mathew, and the Urban Development Principal Secretary, Mr B. Sam Bob.
The project concession period is 35 years including construction period of five years which will be counted from this day. The Government assured that the balance 25 acres will be handed over soon.
The bankers’ consortium headed by State Bank of India, which agreed to lend Rs.11,478 crore, will start disbursing the loan amounts as per the financial closure.
The Andhra Pradesh Chief Minister, Mr N. Kiran Kumar Reddy, wanted the project to be completed within four years by 2016.