Maytas Consortium gets LoA from AP govt for Metro develpt

Hyderabad, Aug 11 (UNI) The city-based Maytas Infra Limited today announced that their consortium has received a 'Letter of Award' from Andhra Pradesh government for the development of Hyderabad Metro Rail Project (MRTS).

The consortium (NMII) comprises of Navabharat Ventures Limited, Maytas Infra Limited, Ital Thai Development Public Company Limited and Infrastructure Leasing and Financial Services Limited, a release here said.

The cost of the project for Design, Build, Finance, Operate and Transfer (DBFOT) basis as per the Government of AP (GoAP) estimate is Rs 12,000 crore. It will comprise three lines -- Miyapur to L B Nagar, Jubilee Bus Station to Falaknuma and Nagole to Shilparamam, totalling 71 km. Additionally, GoAP is also providing real estate development rights to the consortium for 18.5 mn sq ft.

Maytas Infra Assets Limited CEO Mohan Gurunath said, ''We are in an era of massive infrastructure projects being developed across the country - projects that will have widespread impact and seek to change the way we do things - the Metro is one such project.'' ''We needed to ensure that the collective experience and expertise in project management of the Consortium partners to execute such projects was projected in the right manner. We also ensured an innovative financing proposal -- one that is a win-win for all -- was submitted. We are very proud that we have been chosen amongst several global players to execute this project,'' he said.

The Consortium will be paying an amount to GoAP, which has a net present value equal to Rs 1240 crore, over a 34-year period based on a discount rate used by GoAP of 13.5 per cent, the release added.

UNI VA ROY 1752