HYDERABAD: The Cabinet today formally awarded the Hyderabad Metro Rail Project (HMRL) to Larsen and Toubro (L T) Limited which bagged the Rs 12,132 crore project after emerging as the lowest bidder recently. The L T will float a special purpose vehicle for implementing the project and enter into a concession agreement with the state government soon.
According to officials, the ground works for the project would commence from January. The state government today released Rs 500 crore of the Rs 1,980 crore required for acquiring 204 acres of private land, shifting of utilities, relief and rehabilitation activities, structural compensation for affected people and properties apart from other requirements for the current financial year. The Central government will provide a grant of Rs 1,458 crore sought by the L T which is within the viability gap funding (VGF).
As per the draft concession agreement, the elevated metro rail project will be taken up over 71.6 km in three high density traffic corridors MiyapurLB Nagar, Jubilee Bus StationFalaknuma and NagoleShilparamam. Efforts are on to acquire 269 acres required for developing rail facilities. "The state government will have a golden share with an equity of 26 per cent where the government need not invest any money but has an affirmative vote of the government director for passing any resolution on any of the reserve matters," HMRL managing director NVS Reddy said.
Chief minister K Rosaiah directed the officials to implement the project in a timebound manner and asked them to make efforts to minimise inconvenience to roadusers during the construction period and with special emphasis on safety aspect.