Oct 25, 2008

Maytas Metro signs concession agreement with Government of Andhra Pradesh

19 Sep 2008 | 14:30

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Maytas Metro signs concession agreement with Government of Andhra Pradesh


Maytas Metro represented by Teja Raju and Hyderabad Metro Rail,
Government of Andhra Pradesh represented by C V S K Sarma have signed
the concession agreement on 19 September 2008 in presence of the
Honourable Chief Minister of Andhra Pradesh, V S Rajasekhar Reddy for
undertaking the development of the fully elevated Hyderabad metro rail
(MRTS) project on design, build, finance, operate and transfer basis to
the consortium comprising Nava Bharat Ventures. Maytas Infra,
Italian-Thai Development Public Company and Infrastructure Leasing
& Financial Services. The metro project cost as per CoAP estimates
is about Rs 12000 crore.

The
project entails an initial concession period of 35 years and a possible
extension in concession period of 25 years. As per the concession
agreement the project has to be constructed over a five and half year
development period. The concession agreement also provides for
development of 18.5 million square feet of real estate along the
corridors.

The company made this announcement during the trading hours today, 19 September 2008.

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