L&T Metro Rail (Hyderabad) is in talks with India Infrastructure Finance Co Ltd to raise Rs 1,000 crore through the external commercial borrowing (ECB) route for the city's metro rail project.
"Continuous dialogue is on with IIFCL (India Infrastructure Finance Co Ltd). It has progressed quite well and raising a Rs 1,000-crore loan should happen in couple of months," L&T Metro Rail (Hyderabad) Ltd Chief Executive and Managing Director V B Gadgil, told reporters here today.
"There will be saving of around 5 per cent on interest rates. The advantage of ECB is that we get long-term loans ranging for 25 years," he said.
L&T is developing the Rs 16,500-crore Hyderabad Metro Rail project, which is the biggest urban infrastructure project undertaken as a public-private partnership in India.
The elevated metro rail project consists of three corridors, covering a total distance 71.16 km, comprising 66 stations.
Banks have lent over Rs 11,000 crore to the company as term loans for the project, and out of that it has already drawn Rs 750 crore.
The Centre has also approved a viability gap funding (VGF) of Rs 1,458 crore to develop Hyderabad Metro Rail.
Answering a query, he said raw material (cement and steel), manpower costs and interest rates continue to remain a cause of concern.
"The rupee devaluation is also a concern. But fortunately, we have already placed the orders, and for a couple of orders, it is a 100 per cent rupee payment. But concern exists about payments to buy signalling and telecommunication equipment which are imported," he said.
Regarding the progress of the Metro rail project, Gadgil said about 28 km of foundation and 18-20 km of piers have been completed and also the work on the Uppal depot is 80 per cent completed.
The railway system work with 3-km track has already been laid at Uppal, he said. The first section of the Hyderabad Metro Rail between Nagole-Mettuguda (8 km) will be completed by the end of December 2014, he said.
Speaking on the 'mock-up' or how the coach would look internally and externally, he said the rolling stock will be displayed for public viewing at a central location of the city in the month of October. A metro museum has also been proposed which would happen once the whole project is completed, Gadgil said.
An impact assessment study (research-cum-knowledge sharing exercise) has been initiated through an agency which would cover 300 randomly chosen residents across the city, for every kilometre in all corridors, he said.
For the first time in the country, the Hyderabad Metro Rail Project has decided to use the 1:40 rail inclination, which has advantages like good contact between rail and wheel on sharp curves as well as reduced wear and tear of rail and wheel, Gadgil said.
SOURCE:
EconomicTimes
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