Hyderabad Metro To Come Under Government Management From May 1

Hyderabad: The Telangana government has taken a key decision regarding Hyderabad Metro Rail. Metro Rail will come under government management from May 1.

In this regard, the government has formed a committee to manage Hyderabad Metro Rail. While the Metro Rail Committee has been formed with Telangana Chief Secretary Ramakrishna Rao as its chairman, a 10-member committee has been formed to manage HMRL.

IAS officer Sarfaraz Ahmed will take charge as HMRL MD. Jayesh Ranjan, Vikas Raj, Sandeep Kumar Sultania, Shivdhar Reddy, Ashok Reddy, and Jitesh V. Patil are the directors of HMRL, while Shivendra Pratap has been appointed as HMRL Joint MD.

Rs. 13,615 crore for Metro equity acquisition: The Telangana government is taking steps to acquire the Hyderabad Metro Rail project by the end of April. To this end, Special Chief Secretary of the Metropolitan Region and Urban Development Department Jayesh Ranjan issued GO No. 127 on Friday regarding the process required for the first phase of acquisition.

The MD of Hyderabad Metro Rail Limited (HMRL) made several proposals based on the recommendations of the Cabinet sub-committee, including the acquisition of 100 percent equity stake of L&T, loan from IRFC, implementation of agreements, and other issues. The government has recently issued official orders on these as per the decisions taken in the Cabinet meeting on Thursday.

The order mentioned several items related to the takeover, including a share purchase agreement, a loan from IRFC, a letter of undertaking from the state government, a government guarantee, a direct debit mandate from RBI (Reserve Bank of India), a loan term sheet, a tripartite agreement, and equity funding from HMDA.

The government has allowed the MD of Hyderabad Metro Rail Limited (HMRL) to sign the share purchase agreement and tripartite agreements required to complete the acquisition process of the metro project. The government has approved the term sheet of the Indian Railway Finance Corporation (IRFC) for sanctioning a loan of Rs. 13,615 crore.

The government has authorised the Principal Secretary, Finance or his designee to sign the guarantee documents, undertaking letter and debit mandates to complete the transaction. As part of the acquisition process, L&T has been granted permission to open escrow accounts and enter into agreements with the relevant parties, including IRFC and IDBI.

Approximately Rs 1,385 crore has been approved for mobilization through HMDA (Hyderabad Metropolitan Development Authority) for project equity. HMRL MD has been given authority to enter into an agreement with L&T for the recruitment of Metro staff and to sign other agreements and documents.

Since the equity amount is less than Rs 2,000 crore, the Competition Commission of India (CCI) has allowed HMRL to proceed with the transaction without any reference.

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