Telangana Government Takes Charge: Hyderabad Metro Phase-I Acquisition

The Telangana government is poised to take over Phase-I of the Hyderabad Metro Rail project from L&T Group. This decision involves a financial transaction of Rs 2,000 crore to purchase the equity in L&T Metro Rail Hyderabad Ltd, according to official sources.

The deal also requires the state government to assume the company's Rs 13,000 crore debt. Currently, L&T holds a 90% equity stake in the project. The infrastructure giant expressed its intention to offload its stake, seeking to transfer it either to the state or central government due to operational and accumulated losses.

Chief Minister A Revanth Reddy, along with senior state officials, discussed the acquisition plan with L&T's leadership. The agreement aims to expedite Phase-II approval by the Government of India.