Maytas and AP government ink deal for metro project
20 Sep 2008
Hyderabad: Maytas Metro Ltd (MML), a consortium led by construction major Maytas Infra Ltd has acquired the the Rs12,132-crore Hyderabad Metro Rail Project (MRTS). MML and the Andhra Pradesh government signed the formal concession agreement to commencing work on the 71-km metro rail project.
MML is the concessionaire company formed to build, operate and transfer the metro rail project.
The consortium of Maytas Infra Limited, Navabharat Ventures Limited, Ital Thai Development Public Company and Infrastructure Leasing and Financial Services Limited has paid Rs11 crore to the state government as per its commitment.
The financial closure of the project is expected to be completed within six months of signing the concession agreement.
MML is expected to pay Rs30,311 crore to the state government over the concession period of 35 years as per the promise it had made during the bidding process.
The company will pay Rs50 crore on achieving financial closure, Rs200 crore in the fourth year, Rs100 crore a year from the seventh to ninth years and Rs1,750 crore a year from the 18th year to 34th year.
B Teja Raju, managing director, MML, signed the agreement with signed by C V S K Sarma, chairman, Hyderabad Metro Rail Limited (HMRL) in the presence of the chief minister of Andhra Pradesh.
The project is expected to be operational by September 2012.
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