Hyderabad: Chief minister A Revanth Reddy, along with Union coal minister G. Kishan Reddy, met railway minister Ashwini Vaishnaw in New Delhi on Monday and urged him to ensure the release of the Rs 13,600-crore loan from the Indian Railways Finance Corporation (IRFC) for the takeover of Hyderabad Metro Rail Phase-I from Larsen & Toubro.The meeting lasted nearly two hours, during which the CM informed Vaishnaw that Hyderabad Metro Rail Limited (HMRL) and the Telangana govt had completed all formalities required for the loan. He pointed out that despite agreeing to sanction the loan, IRFC had not yet released the funds.Speaking to reporters after the meeting, Revanth Reddy said discussions with the railway minister had been positive.“Our discussions with the railway minister Ashwini Vaishnaw regarding the IRFC loan for Metro Phase-I were positive. I will meet Union urban affairs minister Manohar Lal Khattar on Tuesday to discuss the Hyderabad Metro project,” he said.Revanth had earlier requested Kishan Reddy to facilitate a meeting with Vaishnaw after IRFC withheld the loan. Before seeking the Union minister’s intervention, the CM had accused Kishan Reddy of stalling the Metro project. It remains unclear whether the meeting was arranged by Kishan Reddy or secured by the CMO. However, both leaders jointly met the railway minister on Monday.During the meeting, Revanth explained that the delay in releasing the loan would impose an additional interest burden not only on the Telangana govt but also on IRFC.He said the delay in the release of the Rs 13,600-crore loan would also affect the implementation of Hyderabad Metro Rail Phase-II.The CM sought clarity from the Centre on whether it would bear 50 per cent of the cost of Metro Phase-II as part of a joint venture with the state govt. Alternatively, he said, the state govt was prepared to execute the project independently by raising long-term loans at an interest rate of around four per cent. “Phase-II requires an investment of nearly ₹40,000 crore,” Revanth told the railway minister.He emphasised that the state govt could proceed with Phase-II only after taking over Phase-I and that the Centre must issue a no-objection certificate (NOC) to enable the commencement of Phase-II works.The CM told Vaishnaw that the state govt had acted in accordance with the Centre’s advice and fulfilled all conditions required for the takeover of Metro Phase-I, paving the way for the execution of Phase-II.He explained that the state had provided a counter-guarantee and obtained RBI approval to ensure repayment of the Rs 13,600-crore loan in the event that HMRL failed to meet its obligations.Telangana has also contributed Rs 1,400 crore from its own resources and submitted a letter confirming the RBI’s approval for the loan arrangement.
