Telangana government has agreed in principle to take over Hyderabad Metro Phase-I by assuming Rs 13,000 crore project debt and paying Rs 2,000 crore to L&T for equity. L&T exits the project, refusing to participate in Phase 2 expansion as equity partner

Hyderabad: With L&T sticking to its stance that it wanted to exit from Hyderabad Metro Rail and divest its complete stakes, the State government has agreed in principle to take over the Phase-I Metro Rail project by taking on the project debt, which now stands at about Rs 13,000 crore. The State will also pay about Rs 2,000 crore to L&T towards their equity investment in LTMRHL as a one-time settlement.

In a press release issued by the CMO after a meeting of Chief Minister A Revanth Reddy with L&T officials on Thursday, it was stated

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