The financial bids which were opened on Wednesday saw Maytas Infra Ltd and Navabharat Ventures Ltd, Ital Thai of Thailand and IL&FS Ltd, which had formed a consortium getting the 12,200 crore Hyderabad Metro Rail project. This consortium will now develop the 71km metro network on a build, operate and transfer (BOT) basis. It will have the concession period of 30 years.

Essar Constructions (India) Ltd, SREI, Singapore MRT, SEC and STE, another of Nagarjuna Construction Co. Ltd, Magna Allmore of Malyasia, Siemens AG of Germany and Emirates Trading Agency of Dubai, a third of Reliance Energy Ltd and Bombardier Transportation GmbH of Canada, and a fourth of the GVK group, Gammon, Alstom Corp. of France and IDFC Ltd, were among the other consortiums which were shortlisted for the project.

P.K. Madhav, chief executive officer of Maytas Infra reported that they are really happy to win the bid.

In the second stage of the selection process, GVK consortium did not put in a financial bid. Issac A. George, chief financial officer of GVK group said that the consortium partners thought the project was not viable and thus pulled out.

Miyapur to LB Nagar, Jubilee Bus Station to Falknuma and Osmania University to Shilparamam in the city would be the three routes of the elevated metro rail project. 1.7 million Passengers would ferry everyday, when the project would be completed.

The state government has already kept 269 acres of land for the project, and it is expected that the project would be completed within the next five years of financial closure. 30% would be the project’s equity component while debt component would be 70%. The financial closure is expected to be achieved in next six to seven months.