Telangana to seize Hyderabad Metro Phase 1, pay 2,000 rupees in the exit deal

The Tillanga government agreed to take over the first phase of the Hyderabad Railway project, as its debts absorb 13,000 rupees and pay 2000 rupees to Larsen & Toubro Ltd. While pushing it to the central declaration in stage 2.

This decision, which was completed after high -level talks between Prime Minister A. Rivanth Reddy, President of L&T and President of MD SN SUBRAHMANYAN on Thursday, represents a strategic step by the state to cancel progress in the expansion of the metro that has been long.

The first phase of the metro, run by L & T Metro Rail (Hyderabad), was the L & T, a financial company, is a financial strain on the company. The clear l & T loss from the project expanded to 626 rupees in the 25th fiscal year, while operating income and other income decreased by 21 % to 1,109 rupees, according to its last annual report.

With the installation losses and the lack of state support, the L & T officially requested that the project be released. As part of the agreement, the TELANGANA government will carry out the full debt load for the first stage and settle the L & T’s Equity class with the L & T session one time driven for one time.

Although Prime Minister Reddy urged L&T to stay in the second stage, Subrahmanyan refused to participate as a partner in the stock and refused to sign a final agreement on cost exchange and revenues. The company cited great concerns about smooth operations between the two phases and the unnoticed financial structures.

This transition now removes a long -awaited approval for the central government for the second stage, although the lack of a special partner may reshape the financing and implementation form.

Meanwhile, L&T reported a standardized net profit of 3,617 rupees on revenues of 63,679 rupees for June quarter. He closed his share by 0.8 % on NSE at $ 3,644.40.