Hyderabad: The Telangana government will formally take over the Hyderabad Metro rail project over from L&T Metro. It was agreed in principle that state government will take over the existing phase one of the metro rail by taking over the debt of the project which now stands at about Rs 13,000 Cr. The state has also agreed to pay about Rs 2,000 crore to L&T towards its equity investment as a one-time settlement.

The decision was taken after negotiations were held between both sides with an objective to expedite the phase 2 of the metro rail for approval by the Government of India (GoI). Until now, it was only speculated that L&T would exit the project due to the debt burden and the project not running on profits. It comes after L&T reiterated that it will not be able to participate in the

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