L&T Pulling Out Of Hyderabad Metro Rail Project: Reports

October 06, 2016 18:36
L&T Pulling Out Of Hyderabad Metro Rail Project: Reports

The Hyderabad Metro is going on sale, according to the reports, as the the project holder, L&T is secretly stepping away from the Metro Project. The company reportedly have take the decision due to the continuous postponement of already announced dates by the Telangana Govt.

Reports said that the 72km long Metro rail project was scheduled to be constructed in five years. However, the commencement of services continues to get postponed with the state government is not allotting the required permission, although the 70 percent of work has already been done, report said.

The project, which was worth Rs. 14,132 crores at the initial stage, will cost Rs. 2,500-3,000 crore extra to the company, due to postponements. An official of the company has been quoted by a news website as saying, “L & T has already invested Rs 10,000 crore but a big chunk of work is still pending.”

Considering all the things in mind, L&T has reportedly decided to opt out of the project works and the company has already start to have talks with the potential buyers from India as well as abroad to sell of their shares in the project and hand over the responsibilities of project completion.

By Prajakt K.

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