CM urges Kishan Reddy to intervene in stalled HMR take over loan

Chief Minister A. Revanth Reddy appealed to Union Minister for Coal and Mines G. Kishan Reddy to guarantee that the sanctioned IRFC indebtedness for the takeover of Hyderabad Metro Rail (HMR) Phase I from L&T Metro Rail Hyderabad (L&TMRH) is disbursed without further delay, and that HMR Phase II receives each indispensable approvals astatine the earliest from the Centre.

In an unfastened missive to the BJP person and Secunderabad MP, the Chief Minister urged him to instrumentality up the substance instantly with IRFC and Railway Minister Ashwini Vaishnaw, and guarantee the merchandise of the sanctioned funds. He noted that the cardinal nationalist assemblage endeavor had already completed owed diligence and approved the financing.

Mr. Revanth Reddy said the authorities has provided sovereign-level repayment safeguards, including a Direct Debit Mechanism done the RBI. It has besides deposited ₹6,461.47 crore arsenic equity into an escrow relationship and paid ₹84.32 crore to IRFC arsenic an upfront fee.

Although the drawdown day was June 15, the disbursement has not taken spot contempt the authorities complying with each conditions stipulated by the lender, helium said.

The Chief Minister said that the authorities has addressed concerns relating to the operational integration of the ‘privately’ owned HMR Phase I (69.2 km) and the projected Phase II (122.9 km), estimated to outgo ₹38,595 crore. The State accepted these concerns and took the measurement of taking implicit Phase I to alteration the metro strategy to run nether a unified public-sector framework.

He said the takeover involves acquisition of equity worthy ₹1,461.47 crore and refinancing existing task indebtedness of ₹13,538.53 crore, totalling ₹15,000 crore. The process was conducted transparently done an officers’ committee, including UP Metro Rail Corporation MD Sushil Kumar, with each measurement communicated to the Centre. While seeking support for Phase II arsenic a 50:50 associated task with the Centre, the State is besides prepared to proceed utilizing its ain resources and organization financing to expedite implementation if determination is going to beryllium immoderate further delay, said the CM.

Mr. Revanth Reddy besides offered to conscionable Mr. Kishan Reddy personally astatine immoderate clip and spot to supply further clarifications connected the issue.