Maytas Metro signs concession agreement with Govt of AP
Released on: September 19, 2008, 11:59 pm
Press Release Author: varma
Industry: Real Estate
Press Release Summary: Maytas Metro Limited, the Special Project Vehicle floated by Maytas Infra for Hyderabad Metro project, represented by Mr. B Teja Raju, Vice Chairman, Maytas Infra, today signed the Concession Agreement with Hyderabad Metro Rail Limited, Government of Andhra Pradesh represented by CVSK Sarma.
Press Release Body: Maytas Metro Limited, the Special Project Vehicle floated by Maytas Infra for Hyderabad Metro project, represented by Mr. B Teja Raju, Vice Chairman, Maytas Infra, today signed the Concession Agreement with Hyderabad Metro Rail Limited, Government of Andhra Pradesh represented by CVSK Sarma.
The GoAP has awarded the Concession to the Consortium for undertaking the development of Hyderabad Metro Rail Project (MRTS) on Design, Build, Finance, Operate and Transfer (DBFOT) basis in the presence of Honourable Chief Minister of Andhra Pradesh, Dr Y S Rajasekhara Reddy. Maytas Infra Limited would be executing this project in a Consortium comprising Navabharat Ventures Limited, Ital Thai Development Public Company Limited and Infrastructure Leasing and Financial Services Limited (‘NMII Consortium’).
The project cost as per Government of AP (GoAP) estimate is around Rs. 12,000 crores and will comprise 3 lines totaling 71km – Line 1: Miyapur to L.B. Nagar, approx length being 30 Km which will have 28 stations along the route; Line 2: Jubiliee Bus Station to Falaknuma, approx length of 15 Km with 15 stations along the route; Line 3: Nagole to Shilparamam, approx length being 26 Km with 23 stations. Additionally, GoAP is also providing development rights to the Consortium for 18.5 million sq. ft. Commenting on the development, Mr. Mohan Gurunath, CEO, Maytas Infra Assets Limited said, “We are very proud to be working on one of the biggest projects in the country.
Hyderabad Metro will be a world-class project, and will have a widespread impact on the city’s landscape and business scenario. Now with the Concession Agreement being signed, Maytas Infra along with the Consortium partners will be gearing up to execute the project on schedule and with high standards of safety and environmental norms.” The Consortium will be paying an amount to GoAP, which has a net present value equal to Rs. 1240 crores over a 34 year period – based on a discount rate used by GoAP of 13.5%. The Concession Agreement between GoAP and the Consortium is based on an initial Concession Period of 35 years (incl. construction period), and a possible extension in Concession Period of 25 years. As per the draft Concession Agreement, the project has to be constructed over a five and a half year development period. GoAP would subscribe to equity of Rs.250 crores, while various financing options are looked at for the project.........
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