L&T says committed to complete Hyderabad Metro project
- Without rain, South Africa’s Cape Town may run out of water by April
- India vs Afghanistan Test match from 14 June in Bengaluru: BCCI
- Economic growth to boost gold demand: WGC
- Govt to construct 14,460 bunkers at a cost of over Rs415 crore in Jammu
- Bonds slide as RBI says banks must manage own interest rate risk
Hyderabad: Larsen and Toubro Ltd (L&T), the company building the Rs.16,375 crore Hyderabad Metro rail project, on Thursday said it is committed to complete the project—after Telugu newspaper Andhra Jyothi citing unidentified people that the project was up for sale.
“The project is moving on the right track and L&T is committed to the project,” S.N. Subrahmanyan—deputy managing director and president, L&T, and non-executive chairman of L&T Metro Rail (Hyderabad) Ltd—said in a statement.
Subrahmanyan said the Telangana government is fully cooperating and supporting the project.
“City obstructions that crop up are being tracked and addressed at regular intervals at the highest level, to make sure that the momentum is not lost and the project is completed,” Subrahmanyan said.
L&T said 67% of the total work is completed till 30 September, which by all standards is a “speedy execution”.
The Andhra Jyothi report said the company has been on international roadshows pitching the project to prospective investors.
To be sure, reports such as these are nothing new. L&T in the past said it’s facing cost escalation to the tune of Rs.3,000 crore on account of delays in execution.
L&T is also facing the prospect of missing its July 2017 deadline to complete the project. In May, the company said the project is unlikely to be ready before December 2018, indicating a one-and-a-half-year delay.