Released on: September 19, 2008, 11:59 pm

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Maytas Metro Limited, the Special Project Vehicle floated by
Maytas Infra for Hyderabad Metro project, represented by Mr. B Teja Raju, Vice
Chairman, Maytas Infra, today signed the Concession Agreement with Hyderabad Metro
Rail Limited, Government of Andhra Pradesh represented by CVSK Sarma.


Press Release Body: Maytas Metro Limited, the Special Project Vehicle floated by
Maytas Infra for Hyderabad Metro project, represented by Mr. B Teja Raju, Vice
Chairman, Maytas Infra, today signed the Concession Agreement with Hyderabad Metro
Rail Limited, Government of Andhra Pradesh represented by CVSK Sarma.

The GoAP has awarded the Concession to the Consortium for undertaking the
development of Hyderabad Metro Rail Project (MRTS) on Design, Build, Finance,
Operate and Transfer (DBFOT) basis in the presence of Honourable Chief Minister of
Andhra Pradesh, Dr Y S Rajasekhara Reddy. Maytas Infra Limited would be executing
this project in a Consortium comprising Navabharat Ventures Limited, Ital Thai
Development Public Company Limited and Infrastructure Leasing and Financial Services
Limited (‘NMII Consortium’).

The project cost as per Government of AP (GoAP) estimate is around Rs. 12,000 crores
and will comprise 3 lines totaling 71km – Line 1: Miyapur to L.B. Nagar, approx
length being 30 Km which will have 28 stations along the route; Line 2: Jubiliee Bus
Station to Falaknuma, approx length of 15 Km with 15 stations along the route; Line
3: Nagole to Shilparamam, approx length being 26 Km with 23 stations. Additionally,
GoAP is also providing development rights to the Consortium for 18.5 million sq. ft.
Commenting on the development, Mr. Mohan Gurunath, CEO, Maytas Infra Assets Limited
said, “We are very proud to be working on one of the biggest projects in the
country.

Hyderabad Metro will be a world-class project, and will have a widespread impact on
the city’s landscape and business scenario. Now with the Concession Agreement being
signed, Maytas Infra along with the Consortium partners will be gearing up to
execute the project on schedule and with high standards of safety and environmental
norms.” The Consortium will be paying an amount to GoAP, which has a net present
value equal to Rs. 1240 crores over a 34 year period – based on a discount rate used
by GoAP of 13.5%. The Concession Agreement between GoAP and the Consortium is based
on an initial Concession Period of 35 years (incl. construction period), and a
possible extension in Concession Period of 25 years. As per the draft Concession
Agreement, the project has to be constructed over a five and a half year development
period. GoAP would subscribe to equity of Rs.250 crores, while various financing
options are looked at for the project.........

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