Larsen and Toubro (L&T), the concessionaire of Hyderabad Metro Rail Mission has introduced the plan to disinvest his stake within the mission together with a few of its non-core property. DK Sen, whole-time director and senior govt vp (improvement initiatives), L&T, stated this in an announcement.
Nevertheless, it’s not clear if L&T will promote all or part of its stake within the mission. The corporate additionally didn’t trace at any timeline for this sale. “We are going to work out the divestment means of all these property over a time frame,” the assertion stated. L&T is battling this mission proper from the beginning.
The estimated value of the mission is Rs 16,571 crore, which has risen to Rs 18,971 crore on account of numerous causes. Of this, Rs 13,500 crore was raised via L&T loans. Along with this, COVID-19 has handled a giant blow to the mission with the providers suspended for a lot of months and the ridership coming down drastically even after the resumption.
The L&T High Brass has reached out to Telangana Authorities for some monetary help however there was no response. The federal government solely dedicated to giving comfortable loans which didn’t excite L&T a lot.
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