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L&T Metro Rail Hyderabad may invoke force majeure to extend operations

Tuesday, 11 Aug 2020
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With uncertainty still looming over resumption of Metro rail services, Larsen & Toubro (L&T) Metro Rail (Hyderabad) may invoke force majeure clause with the Telangana government.

The company might seek extension of the concession period equivalent to the time it could not operate due to the lockdown.

The concession period of the project is 35 years from the appointed date of 5 July 2012, including the initial construction period of five years.

This is extendable for a further period of 25 years, subject to fulfillment of certain conditions by the special purpose vehicle (SPV) as set out in the concession agreement.

The L&T Metro Rail (Hyderabad) has already submitted project cost overrun details to the state government for Rs 3,756 crore and has been pursuing the matter with the government for providing relief.

The original cost at the time of conception was Rs 16, 375 crore which has now crossed Rs 20,000 crore.

Metro Rail operations in the city came to a standstill from 22 March 2020 due to the lockdown announced by the Centre to contain the spread of Coronavirus.

The concession agreement includes construction of 71.16 km of elevated Metro rail corridor and rights for real estate development of 18.5 million sq ft, with strategically located land parcels interspersed in prime city locations adjoining Metro stations and corridors.


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