Hyderabad, April 29 -- In a major development, the Telangana government has taken over Phase-I operations of the Hyderabad Metro Rail from Larsen & Toubro through a formal agreement executed on Wednesday.
The takeover was completed through Hyderabad Metro Rail Limited (HMRL), with the government acquiring 100 per cent shares of L&T Metro Rail (Hyderabad) Limited (LTMRHL) for an equity value of Rs 1,461.47 crore.
The agreement was signed at the State Secretariat in the presence of senior officials, including Chief Secretary K. Ramakrishna Rao and Special Chief Secretary Jayesh Ranjan.
Under the agreement, the existing debt of Rs 13,538.53 crore will be refinanced with the Telangana government's guarantee. The deal is expected to enable be...