A consortium led by Maytas Infra Ltd, a real estate infrastructure company promoted by Satyam Computer owners, has bagged the country’s first urban transit project on public private partnership (PPP) mode by quoting a negative grant to the Andhra Pradesh government.The consortium — Maytas, Navabharat Ventures Ltd, Ital Thai Development Public Company and IL&FS — has offered the state government Rs 1,350 crore (net present value) for the Hyderabad Metro Rail Project to be implemented on a build, operate and transfer (BOT) basis over the concession period of 35 years. The cost of the project is estimated to be Rs 12,500 crore. It has been bagged by the consortium for 35 years on a build, operate and transfer model led by Maytas Infra Ltd, the real-estate infrastructure company backed by the promoters of Satyam Computer Services. The consortium has offered Rs 1,350 crore per annum to the government over a period of 35 years on the build, operate and transfer (BOT) model.The Maytas Infra-led consortium emerged as the lowest bidder among the five international consortia shortlisted for the project. After 35 years, the contract can be extended by 25 years and would be open to re-negotiation.The consortium hopes to leverage the 18-20 lakh square feet of real estate, available in and around Metro rail stations, for commercial development and ensure a sizable revenue stream. The consortium has decided not to use the viability gap funding (up to 20 per cent of the project cost) offered by the government, according to sources involved in the bidding exercise. The project would receive Rs 969 crore from the Centre’s Jawaharlal Nehru Urban Renewal Mission scheme and an equivalent amount from Andhra Pradesh government. The State would also provide land required for building stations, parking lots and space needed at the terminal stations.
