Mumbai: Engineering and construction conglomerate Larsen & Toubro (L&T) said on Wednesday it had won rights to develop the Hyderabad Metro Rail project.
Larsen emerged as the lowest bidder, with a bid of Rs12,132 crore ($2.6 billion) to build and operate the project, its spokesman told Reuters.
The 71-kilometre long elevated metro rail project in Hyderabad will have 66 stations and will be completed within five years, L&T’s chief financial officer Y. M. Deosthalee told news channel ET NOW.
The company aims to achieve financial closure for the project within six months.
The project had earlier been awarded to Maytas Infra Ltd, controlled by the founders of fraud-hit outsourcer Satyam Computer. But the contract was scrapped as the company was unable to achieve financial closure after being linked to the Satyam fraud.
The state government invited fresh bids in July 2009, attracting interest from several bidders including Reliance Infrastructure, Lanco Infratech and GVK Power & Infrastructure.