Hyderabad: L&T Metro Rail Hyderabad (LTMRHL), is in talks to raise fresh funds to complete the second phase of the Hyderabad Metro Rail project. The company wants to raise around Rs 1,000-1,500 crore to lower the cost of debt. L&T is building the 72-km long elevated Hyderabad Metro Rail project.
The first phase of the 30km long route of Hyderabad Metro Rail project will be inaugurated by PM Modi on November 28.
The remaining stretch is expected to be completed by the end of next year.
It is the largest Metro rail project in the PPP mode, it was taken up in 2010 for Rs 14,132 crore.
A top official from LTMRHL said,“Since this is a unique project, it is likely to attract both foreign and domestic equity partners on board. We are looking at funds or long-term loans. We are seeing a lot of attraction for this PPP project and hope to have a few equity partners on board, though not immediately, may be during the time of completion. This is being worked out by the holding company, L&T IDPL.”
L&T has reportedly sought an additional amount of Rs 3,756 crore from the state.