L&T To Sell Its Stake In Hyderabad Metro

September 02, 2021 17:49
L&T To Sell Its Stake In Hyderabad Metro

(Image source from: Facebook.com/ltmhyd)

L&T To Sell Its Stake In Hyderabad Metro:- The Hyderabad Metro Rail Project was one of the most successful projects after its launch. But the coronavirus pandemic closed doors and the metro services have been unavailable for more than a year. Larsen and Turbo Ltd which holds the major share in the project is now in plans to sell its equity and move away from the project. There are talks that Greenko will buy the state as per the statement that is issued by DK Sen, the Executive Vice-President and the director of L&T. The top firm is in plans to sell its non-performing assets along with the Hyderabad Metro project.

Hyderabad Metro is the world's largest metro rail project that is made under the public and private partnership model. Greenko is yet to issue a statement or respond about the deal. It is heard that the concessionaire agreement will facilitate the eventual disinvestment of L&T with the prior approval of the government of Telangana. The state government will have to give permission if L&T wants to disinvest beyond 15 percent. L&T suffered huge losses in the past two years because of the ongoing coronavirus pandemic. The Telangana government refused to bail out L&T after which the step was taken. L&T reported a loss of Rs 1766.74 crores during the financial year of 2020-21 after the metro services are shut down.

(Video Source: 10TV News Telugu)

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L&T Hyderabad Metro  Hyderabad Metro  L&T