Telangana Chief Minister A. Revanth Reddy has urged Union Housing and Urban Affairs Minister Manohar Lal to promptly assign SBI CAPS to assess the value and financial aspects of Hyderabad Metro Rail Phase I. The Chief Minister highlighted that the delay in the takeover process is causing operational uncertainties and hindering the progress of Phase II.
Revanth Reddy emphasized the importance of expediting the process, as the delay is impacting the approval of Phase II DPRs and funding arrangements. He mentioned discussions held with the Union Minister and other officials in Delhi on June 24 regarding the approval of Phase II and the state government’s takeover of Phase I.
The Chief Minister stressed the need for SBI Capital Markets Limited to evaluate Phase I for the state government’s takeover and explore refinancing options for its existing debt. He also pointed out that the financing structure for Phase II, which involves raising substantial debt, should be examined by the same agency to ensure smooth project implementation.
Revanth Reddy highlighted that despite the time elapsed since the meeting, SBI CAPS has not yet been assigned the task, causing delays in the process. He requested the Union Minister to expedite the assignment to SBI CAPS and finalize the terms of reference to facilitate the seamless transition of Phase I takeover and the progression of Phase II expansion.
The Chief Minister also reached out to Minister for Coal and Mines G. Kishan Reddy, urging him to intervene with the Ministry of Housing and Urban Affairs and the Ministry of Railways to address the matter promptly.
