HYDERABAD: A day after reports of L&T Metro Rail (Hyderabad) selling 15 acres of land near Raidurg Metro Station to a private company surfaced, the firm issued a clarification on Thursday stating that it only involves sub-licencing rights and not a sale of immovable property.
The clarification comes in the wake of media reports regarding the purported sale of land allotted by the State government. According to L&T’s statement, the matter was reviewed by the Board of L&T Metro Rail (Hyderabad) Limited and received approval, along with consent from the State government, to monetise the sub-licence rights associated with Transit-Oriented Development (ToD) land at Raidurg.
This information was communicated to the Bombay Stock Exchange (BSE) after the shareholders’ endorsement during the Executive General Meeting (EGM). Reports had earlier suggested that the agreement with Rafferty Developments Private Limited, a joint venture between Brookfield Corporation and K Raheja Corp Ltd, was expected to span 50 years, involving a consideration exceeding Rs 1,200 crore.
“There is no sale of immovable property as the property is owned by the government. The sub-licencing rights are only for the remaining period of the Concession Agreement,” the L&T Metro Rail said.