Chief Minister A. Revanth Reddy is pressing Central Government to quickly assign valuation,refinancing,and future debt structuring for Hyderabad Metro Rail's Phase I takeover and Phase II expansion to SBI Capital Markets Limited (SBI CAPS). He stressed this integrated process must start now to prevent operational chaos.
In letters to Union Ministers Manoharlal Khattar and G. Kishan Reddy,Reddy highlighted connection between valuation of Phase I,refinancing its debt,and financial structuring of Phase II . He recalled June 24 meeting with Khattar,Kishan Reddy,and Railway Minister Ashwini Vaishnaw,where agreement was made for SBI CAPS to handle financial review needed for Telangana Government's takeover of metro project.
Yet,Reddy noted much time has slipped by without finalizing assignment or communicating terms of reference to Telangana Government. He's worried ongoing delay is creating operational uncertainty and complicating daily management of project .
The Chief Minister also pointed out this delay affects approval of detailed project reports for Phase II and is stalling funding arrangements. Result: expansion's implementation is being pushed back,which could mean higher costs due to time overruns and escalation.
Reddy's push aims to speed up assignment to SBI CAPS and ensure terms of reference are shared quickly. He believes this will help complete Phase I takeover and allow timely progress of Phase II expansion plans…
