Hyderabad: L&T Metro Rail (Hyderabad) Ltd on Wednesday named Shivanand Nimbargi as the new managing director. He willl replace V.B. Gadgil, who will retire at the end of this month.
Seventy percent of the project, which started in 2010, has been completed, Gadgil said, adding that the project is likely to be completed by December 2018. Apart from facing several land acquisition hurdles, the formation of the state of Telangana and disagreements with the state government on routes delayed the project.
The Hyderabad metro project has so far spent Rs.9,000 crore of the total Rs.14,000 crore initial cost estimate.
“Since there are project delays and cost escalations, we are in discussions with the government and bankers. The project is moving forward. It’s a complex model and let us see how it evolves,” said S.N. Subrahmanyan, deputy managing director and president of parent Larsen & Toubro Ltd. He is also the chairman of L&T Metro.
Nimbargi, who was earlier chief executive of Sembcorp Green Infra Ltd, said: “Barring some challenges, we are nearing the end of the metro project and will take it to a logical conclusion.”
Gadgil ruled out the possibility that the metro project’s first phase would be ready in June to coincide with the second anniversary of the formation of Telangana state.