The much-hyped Hyderabad metro rail project has come back to square one with the State government on Tuesday canceling the concession agreement signed with Maytas Infa, the sister concern of scam-hit Satyam Computers.
The Rs 12,132-crore Hyderabad metro rail project has now to be started all over again. Minister for municipal administration and urban development Anam Ramnarayana Reddy said the state government had decided to cancel the project as Maytas Infra-led consortium failed to achieve financial closure by March 17 deadline. The Rs 71 crore that Maytas had paid would not be returned.
A decision on how to go about with the project would be taken at the Cabinet meeting to be held on July 13. “For now the project is scrapped. A consortium led by Maytas Infrastructure which was awarded the contract is unable to start the project for various reasons. Other consortia are not interested in taking up the project so we are terminating the contract with Maytas and scrapping the project for the time-being. All agreements between Maytas and government now stand cancelled. We will decide whether to go for global re-tendering or take it up under public-private partnership mode,” the minister said.
Post a Comment