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L&T to pump more funds into Hyderabad Metro Rail Project

Tuesday, 14 May 2019
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Larsen & Toubro (L&T), the concessionaire, is implementing the Hyderabad Metro Rail Project through a special purpose vehicle (SPV). The project is valued at Rs 16,375 crore.

 

The project is facing a cost overrun of about 16 percent due to delay and in securing the right of way in the Old City segment. The project cost, which has increased to Rs 18,975 crore, will require additional funds of Rs 2,600 crore and L&T will have to pump in additional equity of Rs 800 crore.

Of the three corridors, two have been fully completed, and the work on the third corridor connecting Secunderabad with the Old City is now underway. However, work on a stretch of about six km that goes beyond the Musi river and connects the Falaknuma is still languishing.

The sponsor L&T is expected to bridge the additional fund requirement on a timely basis to complete the project within stipulated timelines. As of December 2018, L&T has injected equity of Rs 2,427 crore into the project and the total loan drawn was Rs 10,759 crore. It has raised Rs 1,000 crore through NCDs as a part of debt and the project received 83 percent of Rs 1,458 crore viability gap funding.

The commercial operations date has been extended by three months from April 2019 to July 2019. Of the 72 km three corridor elevated Metro line, so far a stretch of about 56 km across two lines, including one connecting to the IT hub of Hitec City, is ready and the work on the third one line excluding the Old City is at advanced stage.

 
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