Manganese and chrome alloy producer Nava Bharat Ventures has informed that their Consortium comprising Maytas Infra Limited, Ital Thai Development Public Company Limited and Infrastructure Leasing and Financial Services Limited ('NMII Consortium') has received a Letter of Award (LoA) from Government of Andhra Pradesh (GoAP) for undertaking the development of the Hyderabad Metro Rail (MRTS) Project on Design, Build, Finance, Operate and Transfer (the "DBFOT") basis.

The project cost as per GoAP estimate is around Rs 12,000 crore and will comprise 3 lines totaling 71km - Line 1: Miyapur to L. B. Nagar, Jubiliee Bus Station to Falaknuma, Nagole to Shilparamam.

Government of Andhra Pradesh will also provide real estate development rights to the Consortium for 18.5 million sq. ft.

Nava Bharat Ventures Limited, together with its subsidiaries, engages in the manufacture, trading, and export of natural minerals, coke, ferro alloys, ores, and alloys.