Thursday, July 24, 2008

Navabharat and Maytas consortium wins Hyderabad metro rail bid

The elevated metro rail project will have three routes--Miyapur to LB Nagar, Jubilee Bus Station to Falknuma and Osmania University to Shilparamam in the city

Hyderabad: A consortium of Navabharat Ventures Ltd (Panda Punnaiah, Chairman), Maytas Infra Ltd, Ital Thai of Thailand and IL&FS Ltd has won the Rs12,200 crore or $2.87 billion Hyderabad Metro Rail project and will develop the 71km metro network on a build, operate and transfer (BOT) basis with a concession period of 30 years. The financial bids were opened here on Wednesday.

The other consortia that were shortlisted included one of Essar Constructions (India) Ltd, SREI, Singapore MRT, SEC and STE, another of Nagarjuna Construction Co. Ltd, Magna Allmore of Malyasia, Siemens AG of Germany and Emirates Trading Agency of Dubai, a third of Reliance Energy Ltd and Bombardier Transportation GmbH of Canada, and a fourth of the GVK group, Gammon, Alstom Corp. of France and IDFC Ltd.

The elevated metro rail project will have three routes—Miyapur to LB Nagar, Jubilee Bus Station to Falknuma and Osmania University to Shilparamam in the city. On completion, the project is expected to ferry around 1.7 million passengers every day.

The Union government agreed earlier this year to offer a grant of 30% of the project cost. A key criteria for evaluation of the financial bids was the funding assistance sought by the bidder from the government.

The project will have an equity component of 30% and debt component of 70% and the financial closure will be achieved in the next six to seven months. It will be completed within five years of the financial closure. The state government has already earmarked 269 acres of land for the project.
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