Hyd Metro Rail: Banks sanction Rs 11,480 Cr
Hyderabad, April 5 (INN): The Hyderabad Metro Rail project took yet another step forwards on Tuesday after a consortium of banks, State Bank of India gave sanction for the Rs 11,480 crore needed for the project. Apart from this Rs 11480 crore, the company which bagged the project, Larsen and Toubro, would infuse another Rs 3440 crore for the project, in addition to the viability gap grant of Rs 1458 crore from the Centre through the state government.
The financial closure, the largest fund tie up in the country for a Public Private Partnership project, was arrived at in a record 6-months time.
Apart from the State Bank of India, the Canara Bank, Indian Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and Syndicate Bank would be associated with the project.
The Hyderabad Metro Project was announced by the state government on PPP mode under the Design, Built, Finance, Operate and Transfer (DBFOT) basis and the bidding process was as per the guidelines specified by Government of India (Ministry of Urban Development, Planning Commission and Ministry of Finance).
The Larsen and Toubro emerged the lowest bidder and signed the Concession Agreement through its SPV, L and T Metro Rail (Hyderabad) Limited, with the state government on September 4, 2010. The company had earlier submitted a Performance Guarantee for Rs 360 crore to the state government as part of the agreement to complete the prestigious project in the stipulated time of 5 years.
The Concession period for the Project is 35 years (including 5 years of construction period) and is extendable by an additional 25 years. The Hyderabad Metro Project will see 71.16 km of elevated metro rail in three corridors criss-crossing the city. Eco-friendly elevated Metro Stations would be located along the route at roughly every 1 km distance with passenger access through staircases, escalators and lifts.
The project will be well integrated with the exiting suburban railway network (MMTS) and bus stops so as to ensure seamless and comfortable travel for the passengers. Adequate parking and circulation areas adjoining the stations shall be provided at 25 locations along the corridor.
This project will use the state of art technology which includes the latest metro cars, signalling and communication system leading to automatic train operations. The automatic fare collection system will provide a user-friendly facility to use and share the ticketing system with the other modes of transport over a period.
The project allows the right to develop 18.5million sq ft of Transit Oriented Development. Once implemented, Hyderabad will probably be the first city in India with integrated urban planning with inter modal connectivity and convenient sky-walks making seamless commuting a reality
The project has been designed to meet the needs of the ever increasing population of the city. The metro system, once complete, is estimated to carry the same amount of traffic as 7 lanes of bus traffic or 25 lanes of private motor cars and is more reliable, comfortable and safer than road-based systems and will reduce journey time by anything between 50 per cent to 75 per cent.
Since this project will help in reducing carbon emitting cars and public transport buses along the Metro corridor by running electric trains it will be environmentally friendly and provide the citizens with a world class commuting experience.
The Project is also expected to trigger mammoth economic activity in and around the city and provide employment to about 50,000 people including 1200 to 1500 Technical professionals during construction.
Pre-construction works for the project has already commenced. Soil testing and topographical surveys have been completed in most locations along the alignment and conceptual engineering is nearing completion.
Hyderabad, April 5 (INN): The Hyderabad Metro Rail project took yet another step forwards on Tuesday after a consortium of banks, State Bank of India gave sanction for the Rs 11,480 crore needed for the project. Apart from this Rs 11480 crore, the company which bagged the project, Larsen and Toubro, would infuse another Rs 3440 crore for the project, in addition to the viability gap grant of Rs 1458 crore from the Centre through the state government.
The financial closure, the largest fund tie up in the country for a Public Private Partnership project, was arrived at in a record 6-months time.
Apart from the State Bank of India, the Canara Bank, Indian Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and Syndicate Bank would be associated with the project.
The Hyderabad Metro Project was announced by the state government on PPP mode under the Design, Built, Finance, Operate and Transfer (DBFOT) basis and the bidding process was as per the guidelines specified by Government of India (Ministry of Urban Development, Planning Commission and Ministry of Finance).
The Larsen and Toubro emerged the lowest bidder and signed the Concession Agreement through its SPV, L and T Metro Rail (Hyderabad) Limited, with the state government on September 4, 2010. The company had earlier submitted a Performance Guarantee for Rs 360 crore to the state government as part of the agreement to complete the prestigious project in the stipulated time of 5 years.
The Concession period for the Project is 35 years (including 5 years of construction period) and is extendable by an additional 25 years. The Hyderabad Metro Project will see 71.16 km of elevated metro rail in three corridors criss-crossing the city. Eco-friendly elevated Metro Stations would be located along the route at roughly every 1 km distance with passenger access through staircases, escalators and lifts.
The project will be well integrated with the exiting suburban railway network (MMTS) and bus stops so as to ensure seamless and comfortable travel for the passengers. Adequate parking and circulation areas adjoining the stations shall be provided at 25 locations along the corridor.
This project will use the state of art technology which includes the latest metro cars, signalling and communication system leading to automatic train operations. The automatic fare collection system will provide a user-friendly facility to use and share the ticketing system with the other modes of transport over a period.
The project allows the right to develop 18.5million sq ft of Transit Oriented Development. Once implemented, Hyderabad will probably be the first city in India with integrated urban planning with inter modal connectivity and convenient sky-walks making seamless commuting a reality
The project has been designed to meet the needs of the ever increasing population of the city. The metro system, once complete, is estimated to carry the same amount of traffic as 7 lanes of bus traffic or 25 lanes of private motor cars and is more reliable, comfortable and safer than road-based systems and will reduce journey time by anything between 50 per cent to 75 per cent.
Since this project will help in reducing carbon emitting cars and public transport buses along the Metro corridor by running electric trains it will be environmentally friendly and provide the citizens with a world class commuting experience.
The Project is also expected to trigger mammoth economic activity in and around the city and provide employment to about 50,000 people including 1200 to 1500 Technical professionals during construction.
Pre-construction works for the project has already commenced. Soil testing and topographical surveys have been completed in most locations along the alignment and conceptual engineering is nearing completion.
News Posted: 5 April, 2011
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