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S.ravi
Advanced Member
India
4205 Posts |
 Posted - 06/17/2009 : 20:03:33
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Metro rail deal with Maytas scrapped?
HYDERABAD: After months of speculation, the government finally seems to have decided to scrap the metro rail deal it had signed with the Maytas-led consortium.
Top sources in the Chief Ministers Office indicated that the agreement to take up the Rs. 8,132-crore elevated rail project for the city signed in September last, has been cancelled considering the incapability of the firm and prevailing financial scenario.
There was cloud hanging over the project ever since the Satyam scandal broke out and Maytas also missed the financial closure deadline of March 17.
Despite a new management taking over the beleaguered company and time sought to extend the financial closure deadline, the government decided against it.
Maytas and its fellow partners Navbharat Ventures, Ital Thai and IL&FS bagged the public private partnership contract in a global bid through a jaw-dropping financial bid of offering to build and also pay hefty royalty to the government across the 35-year contract period.
The rail was being proposed to be built on the routes of Miyapur to L.B.Nagar (29.87 km) L1, Jubilee Bus Station to Falaknuma (14.78 km) - L2 and Nagole to Shilparamam (26.51 km) - L3, totalling 71.16 km.
Top sources in the CMO said the only alternative left is to seek the Centres assistance to fund the project substantially.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 06/18/2009 : 18:57:30
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http://in.reuters.com/article/businessNews/idINIndia-40422020090618
MUMBAI (Reuters) - Construction firm Maytas Infra Ltd said on Thursday it has requested the Andhra Pradesh state government for an extension of time for the Hyderabad Metro Rail project.
The government is yet to take a decision on the matter, it added in a statement to the BSE.
Maytas, linked to the founders of fraud-hit Satyam Computer Services, added that the company is committed to complete the project and all steps towards financial closure are being taken.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 06/21/2009 : 20:03:16
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Embarrassed, YSR in Delhi to save Hyderabad Metro
http://www.indianexpress.com/news/Embarrassed--YSR-in-Delhi-to-save-Hyderabad-Metro/479096
Saturday , Jun 20, 2009 at 0358 hrs IST
Hyderabad:
With the prestigious Hyderabad Metro Rail project in jeopardy, Andhra Pradesh Chief Minister Y S Rajasekhara Reddy has rushed to New Delhi to save the project. The project has become an embarrassment for the Government as cash starved Maytas, which got the contract last August, is unable to start work.
The Government is yet to decide on whether to cancel the contract and issue fresh tenders or restructure the agreement to provide Maytas with tax-payers money to execute the project. âNo decision has been taken yet. The matter is pending with the ChiefMinister,â Hyderabad Metro Rail (HMR) Chairman and Principal Secretary, Municipal Administration Dr C V S K Sarma said. HMR sources
said the Government is cold to re-tendering as it would increase the cost manifold. âBesides, none of the other qualified bidders are interested in taking up the project now,â HMR officials said.
Hence the most viable option, sources in the Municipal Administration Department said, is to restructure the agreement with Maytas. âInstead of cancelling the contract, the Government may rewrite the agreement. The negative viability gap funding concession agreement by which Maytas agreed to pay the Government Rs33,000 crore over a period of 35 years is likely to be done away with and the government may agree to fund the project. For that the state government will need funds from the Centre,â an official said. Reddy is likely to discuss the issue with Prime Minister Dr Manmohan Singh and Union Urban Development Minister S Jaipal Reddy.
Maytas, on its part, claims that given more time it can still pull off the project. It said the Government is yet to decide on its request for a 180-day extension to achieve financial closure. âThe new board of government-appointed directors did not have any discussions with the government about cancellation of the contract. The government has not yet informed us of any decision it has
taken,â a Maytas spokesperson said.
Besides seeking funds for the Metro project, the CM is likely to ask the Centre for money to fund at least four populist schemes including Rajiv Arogyasri, the health insurance scheme, which requires the Government to clear hospital bills to the tune of Rs 1,000 crore. He may even request the PM to make it a Centre-sponsored programme, sources said.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 06/24/2009 : 19:07:45
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Live Markets | Smart Portfolios
Search: Keyword Price BS Headlines Author BS Entire Site Web
Andhra keen to take up MMTS-II with railways
BS Reporter / Chennai/ Hyderabad June 24, 2009, 0:36 IST
The state government is keen on implementing the Phase-II of the multimodal transport system (MMTS) in association with the Indian Railways at an estimated cost of Rs 614 crore, said municipal administration and urban development minister Anam Ramnarayana Reddy here on Tuesday.
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The Phase-II of the MMTS project would span 67 km and would cover three sectors Secunderabad to Medchal, Faluknuma to Shamshabad and Secunderabad to Ghatkesar. The state government would bear two-thirds of the project cost while the remaining would come from the Centre.
The Andhra Pradesh government had already written to the Centre and also the railways requesting them to initiate efforts for the second phase of MMTS, he told the media after reviewing activities of the municipal department. It would shortly submit a detailed project report to the Centre.
To a query if the state government was trying to push MMTS Phase-II as the Hyderabad Metro Rail project was mired in uncertainties, the minister said both projects were independent of each other. MMTS Phase-II was contemplated along with the Phase-I project itself, he added.
On the MMTS still incurring losses, the minister said, MMTS is not about profit or loss. It is about creating a transport facility to the public.
This apart, the Greater Hyderabad Municipal Corporation is working on a draft master plan keeping in view the growing traffic congestion in GHMC limits, he said.
Andhra keen to take up MMTS-II with railways
BS Reporter / Chennai/ Hyderabad June 24, 2009, 0:36 IST
The state government is keen on implementing the Phase-II of the multimodal transport system (MMTS) in association with the Indian Railways at an estimated cost of Rs 614 crore, said municipal administration and urban development minister Anam Ramnarayana Reddy here on Tuesday.
Also Read
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- Better pricing drew more fliers in Apr
- FIIs net sellers Rs 10cr in F&O on Tuesday
- Recovery worries hit Asian markets
- US markets end in red; Indian ADRs up
- Content code violation: Govt begins crackdown
- India yet to clear its stand on Doha talks
Also Read
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News Now
- Sensex ends up 86pts
- UPDATE:Oil & gas cos face unstable policy regime in India: E&Y
- Power, Consumer Goods buoy Sensex
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The Phase-II of the MMTS project would span 67 km and would cover three sectors Secunderabad to Medchal, Faluknuma to Shamshabad and Secunderabad to Ghatkesar. The state government would bear two-thirds of the project cost while the remaining would come from the Centre.
The Andhra Pradesh government had already written to the Centre and also the railways requesting them to initiate efforts for the second phase of MMTS, he told the media after reviewing activities of the municipal department. It would shortly submit a detailed project report to the Centre.
To a query if the state government was trying to push MMTS Phase-II as the Hyderabad Metro Rail project was mired in uncertainties, the minister said both projects were independent of each other. MMTS Phase-II was contemplated along with the Phase-I project itself, he added.
On the MMTS still incurring losses, the minister said, MMTS is not about profit or loss. It is about creating a transport facility to the public.
This apart, the Greater Hyderabad Municipal Corporation is working on a draft master plan keeping in view the growing traffic congestion in GHMC limits, he said.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 06/26/2009 : 11:04:43
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Circular metro rail connectivity on the anvil http://www.hindu.com/2009/06/26/stories/2009062658720300.htm
Government keen to ease traffic congestion in city
YSR for plan to link existing, future railway stations under MMTS-II
International consultant to be engaged to draft âvision documentâ
HYDERABAD: The city may well emerge as a city of train commuters for intra-city travel given the State governmentâs preference to ease congestion on roads by promoting alternative rail routes.
Continuing his focus on transport infrastructure and connectivity to the international airport from any part of the expanding city, Chief Minister Y. S.Rajasekhara Reddy has directed the officials to come up with a comprehensive plan linking existing and proposed railway stations under MMTS-II , Metro and along Outer Ring Road for providing circular rail connectivity to the Shamshabad
Airport.
The government has already made provision for rail lines and acquired land for âRight of Wayâ and railway stations all along the 162 km-long ORR are under progress.
The Chief Minister was reviewing the connectivity between the city and international airport at Shamshabad -- this time rail connectivity â with officials of Infrastructure Corporation of AP (INCAP) and the Department of Infrastructure & Investment here on Thursday.
He felt that the proposal to have a dedicated underground train from the Begumpet airport to Shamshabad was not viable nor feasible because of the huge costs involved.
He, however, directed the officials to work on a âvision documentâ keeping in view the cityâs transportation needs till 2050 in coordination with the Railways.
The document should focus on a circular rail route along with radial routes to provide easy connectivity to people living in any part of the city, comfortable travel apart from access to the international airport while significantly reducing the congestion on roads.
An international consultant will be engaged soon to draft the âvision documentâ with specific projects.
It will take into account all the rail routes under the MMTS âI and railway stations proposed under MMTS-II, Metro Rail and along the Outer Ring Road, INCAP Managing Director K. V. Reddy.
The earlier proposal envisaged a dedicated train from Begumpet airport to Shamshabad airport via HI-TEC City but with the Railways not able to spare the land, an underground train covering the distance of 14 kms was mooted, he said.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 06/28/2009 : 01:42:03
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metro work crawls, AP govt goes for alternative
http://www.moneycontrol.com/india/news/cnbc-tv18-comments/hyderabad-metro-work-crawls-ap-govt-goes-for-alternative/403474
Sat, Jun 27, 2009 at 13:19
It looks like the Hyderabad Metro Rail Project will be delayed for a while. And, the Andhra Pradesh government is now looking to the second phase of the Multi-Modal Transport System (MMTS) for help in dealing with Hyderabad's growing traffic problems, CNBC-TV18 reports.
Here is a verbatim transcript of Vishwanath Pillaâs comments on CNBc-TV18. Also watch the accompanying video.
It has been on the backburner for a while now, as the AP government bet on the Hyderabad Metro Rail Project to ease Hyderabad's traffic problems. Not any more. CNBC-TV18 learns that Phase-2 expansion of the MMTS may soon be brought on to the fast track.
Sources say the government has written to the Ministry of Railways to initiate efforts for the second phase. Estimates suggest the project could cost the AP government upto Rs 614 crore, with the Railways bearing one-third the total cost.
Phase-II will span 67 kilometres, and will cover three sectorsâSecunderabad to Medchal, Faluknuma to Shamshabad and Secunderabad to Ghatkesar â Hyderabadis are all for the move.
When the project was first started in 2003, it did not find many takers and as the frequency of MMTS trains fell, Phase-2 was put on hold.
CNBC-TV18 learns there was another reason phase-2 of the project had been shelvedâa rider in the concession agreement of the Hyderabad Metro Rail Project, which prohibits a competing parallel transport system. But with increasing traffi congestion, and a delayed metro project, this may be Hyderabad's only chance.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 06/29/2009 : 18:14:25
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Addressing a press conference here to unveil the 100-day Action Plan, Union Urban Development Minister S. Jaipal Reddy said the new criteria for allocation of funds under the JNNURM would qualify towns with a population of five lakh for funds, instead of the earlier 10 lakh population criteria. The move will add 28 new cities to the existing 65 cities.
Financial assistance
Mr. Reddy said the Ministry had decided to provide financial assistance to metro projects including those in Bangalore (42.3 km at Rs. 8,158 crore) and Kolkata (14.6 km at Rs. 4,874 crore). Work on the Chennai metro (45 km at a cost of Rs. 14,600 crore) and the Mumbai Metro Line 2 from Charkop to Mankhurd via Bandra (32 km at a cost of Rs. 7,660 crore) would be formally launched now.
The metro project for Kochi would also be taken up for sanction soon. The National Capital Region (NCR) of Delhi will get connected to the Delhi Metro with a Noida link getting commissioned in August 2009 and the metro in Gurgaon will become functional in January 2010
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S.ravi
Advanced Member
India
4205 Posts |
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 07/13/2009 : 19:52:08
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Fresh bids to be called for Hyderabad Metro Rail project
A.P. satisfied that Maytas had discharged all its liabilities
HYDERABAD: In the wake of the Cabinets decision to scrap the agreement signed with Maytas Infra-led consortium to implement the Rs. 12,132-crore Hyderabad Metro Rail project, the Andhra Pradesh government has decided to invite fresh global tenders.
This crucial decision was taken at a high-level meeting chaired by Chief Minister Y. S.Rajasekhara Reddy here on Monday after the government satisfied itself that the Maytas Infra-led consortium had discharged all its liabilities, including forgoing of Rs. 60 crore deposited as performance guarantee amount and a further sum of Rs. 11 crore given to the government as a token of the first instalment of the Rs 31,000-crore profit assured to it.
The meeting was attended by Municipal Administration Minister A. Ramanarayan Reddy, who attended the meeting along with departments principal secretary C. V. S. K Sarma and N.V. S. Reddy, MD, Hyderabad Metro Rail Limited.
Notification on July 16
The Minister later told reporters that the notification inviting global tenders would be issued afresh on July 16. The company/consortia for executing the project would be selected by November 15 after evaluating the bids.
This date was fixed in order to meet the 120-day deadline set by the Chief Minister to begin the work. Mr. Ramnarayan Reddy said the project would be ready in three years, that is by 2012, as envisaged in the timeframe given to Maytas Infra.
Major change
The major change this time would be the enhancement in the performance guarantee from 0.5 per cent to 1 per cent. In effect, the agency finally selected for implementing the Metro Rail project would have to deposit an amount of Rs. 120 crore with the government even though the project cost will remain the same.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 07/21/2009 : 11:37:42
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Q applications for metro rail to be sold from July 24
http://www.business-standard.com/india/news/rfq-applications-for-metro-rail-to-be-soldjuly-24/68359/on
Hyderabad July 21, 2009, 12:36 IST
The Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24.
Earlier, it announced to sell the applications from today, according to municipal administration and urban development principal secretary and Hyderabad metro rail project chairman CVSK Sarma.
HMRL issued a notification inviting RFQ on July 16 after Andhra Pradesh government cancelled the earlier contract awarded to Maytas consortium for failing to achieve financial closure despite a three-month extension.
The bidding process for the 71-km rail route would be completed by November 15.An addendum to the notification, issued on Tuesday, said that a copy of RFQ would be posted on the website on July 24. There is no change in the last date for submission of RFQ (September 7).
The indicative price of the project, which would be taken up in a PPP model, is Rs 12,132 crore and is proposed to be executed on a design, build, finance, operate and transfer basis.
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S.ravi
Advanced Member
India
4205 Posts |
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 07/29/2009 : 12:35:12
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Proposal for 10 km metro rail line
http://www.hindu.com/2009/07/29/stories/2009072958960300.htm
HYDERABAD: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has proposed a 10-km long metro rail line connecting Hi-Tec city at Madhapur with the financial district at Gachibowli, as an independent unit but linked to the proposed metro rail project for Hyderabad.
A study conducted by the Local Area Industrial Authority, Gachibowli, found it feasible and estimated its cost at Rs. 1,500 crore. B. P. Acharya, MD, APIIC, told The Hindu here on Tuesday that the 10-km line was contemplated mainly on the insistence of ICICI Bank, which was setting up its establishment in the financial district at a cost of nearly Rs.2,000 crore. Over 25,000 people would
work there. He said if the government accepted the proposal, the 10-km line could be implemented simultaneously along with the Metro rail project of Hyderabad.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 07/29/2009 : 12:36:38
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Pre-qualification bidding for metro rail cleared
http://www.hindu.com/2009/07/29/stories/2009072950020100.htm
HYDERABAD: Justice G. Rohini of the High Court on Tuesday made it clear that the government could proceed with pre-qualification bidding process for awarding the Hyderabad Metro Rail Project and posted the matter for August 11.
The judge was hearing the case filed by Maytas Metro Ltd., represented by its Director Bandaru Narasimha Rao challenging the action of the State government in cancellation of contract awarded to it as also the encashment of deposits made by it. The case comes in the light of the governmentâs decision to scrap the contract awarded to Maytas consortium.
In the process, the government forfeited Rs.71 crore -- Rs.60 crore bid security amount together with Rs.11 crore paid as part of the bid offer -- which was disputed by the petitioner. Maytas Metro Ltd. contended that the contract could not be cancelled without any prior notice to it.
The government, however, said the issue of prior notice would arise when the financial closure was achieved, but the petitioner failed to fulfil the requirement. The judge granted status quo on the orders (GO 430) issued by the government terminating the concession agreement with Maytas, but refused to stay the new tender process.
In a press release, the government has said the court was informed there was proper application of mind in terminating the agreement as the firm had defaulted in fulfilling obligations under the agreement. It also pointed out that no stay was granted on the fresh bidding process.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 07/31/2009 : 21:07:57
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Metro rail project back on PPP track
Tight fiscal scenario forces State to opt for it
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A committee headed by Planning Commission member comes out with fresh norms for PPP
Firms of Rs. 3,000 cr. net worth and having executed Rs. 18,000 cr. works can only apply
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HYDERABAD: Tight fiscal scenario has forced the government to opt once again for the Public Private Partnership (PPP) mode to take up Hyderabad Metro Rail project.
It might have had to pitch in with as much as Rs. 9,000 crore if the work was to be taken up through a joint initiative with the Centre sourcing loan from the Japanese Bank for International Cooperation (JBIC).
Loan for 50 per cent of the project, estimated to cost Rs. 12,132 crore, could be raised while the rest would have to be financed by the Centre and State.
From the Rs. 1,600-odd crore now, the States funding would have to be upped several times for the work which was next to impossible to expect, pointed out official sources.
Moreover, sovereign guarantee by the Centre was mandatory for JBIC funding for which fresh project appraisals becomes necessary, all of which would have taken considerable time.
Instead, it was better to bank on already available Viability Gap Funding (VGF) of Rs. 2,363 crore (20 per cent project cost) offered by the Centre as there was likelihood of an extra 10 per cent coming under JNNURM.
Delhi model
Delhi Metro funding is a unique model. Chances of it happening elsewhere are remote, affirm official sources. Despite recessionary trends, formation of stable governments in the Centre and State has renewed investor interest in the capitals project, it is claimed.
Many discussions were held at the Government of India (GoI) level on Hyderabad projects PPP model. It was strongly felt that it was the executing agency which failed and not the model per se. A panel headed by former Cabinet Secretary and present Planning Commission member B.K. Chaturvedi came out with a set of fresh norms to tighten PPP regulations to let only serious players pitch in, official sources said.
Firms of Rs. 3,000 crore net worth and having executed Rs. 18,000 crore works in the last 10 years can only apply.
Equity
Each member of a consortium shall each hold not less than 26 per cent of the equity, which should also be not less than 5 per cent of the total project cost or Rs.607 crore.
Time-frame
The government is squeezing the bids time-frame to four months because financial and technical bids are not being called separately as the pre-qualification tender itself enables short-listing eligible firms.
Also, the Concessionaire Agreement with Manual of Specifications and Standards remain the same which meant fresh documentation was not needed, official sources added.
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S.ravi
Advanced Member
India
4205 Posts |
Posted - 07/31/2009 : 21:47:30
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Maytas ties up funds to retain metro rail work
http://steelguru.com/news/index/2009/07/31/MTA0ODM2/Maytas_ties_up_funds_to_retain_metro_rail_work.html
Friday, 31 Jul 2009
ET reported that Maytas Infra has inked an agreement with a Singapore based consultancy firm to raise INR 240 crore and thereby, retain the metro rail project.
In a petition to the AP HC challenging the state governmentâs move to re-tender the metro rail project, Maytas Infra said the firm, concept 2 commissioning consultants has agreed to invest INR 240 crore that could be used as a performance guarantee. This guarantee is one of the key pre requisites for the firm to retain the project. Interestingly, the MoU with the Singapore based firm was inked a day before the government terminated the contract.
But the Andhra Pradesh HC on last Tuesday ordered status quo on the state governmentâs move to terminate the Hyderabad metro rail contract with a consortium led by Maytas Infra, signaling a possible setback for the infrastructure firm. In an interim order, it also allowed the state government to invite fresh bids for the INR 12,000 crore project, even as Maytas Infra challenged the termination of the contract.
While the state government can invite pre-qualification bids, the selection process may have to wait till a final order is passed by the court. The case is posted for hearing on August 11th. Maytas Infra is run by Mr Teja Raju, the son of Mr B Ramalinga Raju, the defamed founder of Satyam. A consortium led by the firm bagged the contract to execute the metro rail project last year.
But the state government snapped ties with the Maytas led consortium after it failed to achieve financial closure. The company, which is undergoing a debt restructuring exercise, now claims that it has inked MoU with the Singapore based firm.
(Sourced from Economic Times)
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Hyderabad metro news
