Finance Ministry Agrees to Provide Funds for Hyderabad Metro

Hyderabad, India (PressExposure) May 14, 2008 -- Finance Ministry has agreed in principle to provide funds worth about Rs 2,000 crore for the Hyderabad Metro Rail Project estimated to cost over Rs 10,000 crore under the public-private partnership. Four bidders, including a consortium of Reliance Energy Limited (REL) and Canada based Bombardier, have been pre-qualified for the project and technical bids have been invited.

"The Hyderabad Mass Rapid Transit System (MRTS) has been recommended by the Empowered Committee and Empowered Institution for viability gap funding (VGF), though final approval will require the consent of Finance Minister P Chidambaram as well," said finance ministry sources. Once approved by the Finance Minister, the funds could be released to the state government in a phased manner to implement the project, sources said.

The state government would be required, said officials, to sanction the fund to the bidder that agrees to implement the project with minimum viability gap funding. However, the maximum VGF would be 20 per cent of the total project cost. Sources said earlier, the Finance Ministry had asked the Andhra Pradesh government to revise the project to ensure the provision of bidding as per the government guidelines.

Later, the Empowered Committee comprising of Secretary {Economic Affairs), Secretary (Planning Commission) Secretary (Expenditure) approved project. Hyderabad Metro Rail Project, to be implemented on the pattern of Delhi Metro, involves development of three elevated corridor of total length of 67 km with real estate rights along the corridor...

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Press Release Submitted On: May 12, 2008 at 6:31 am
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