Chief Minister Seeks Quick Assignment of Metro Phase‑1 Valuation to SBICaps

Hyderabad, July 5 – Telangana’s chief minister Revant Reddy wrote to Union Minister Manoj Lal, urging the central government to assign the valuation and financial examination of Hyderabad Metro Phase‑1 to SBICapital Markets Ltd as a priority. The minister’s request aims to hasten the state’s acquisition of Phase‑1 and to ready the financing model for Phase‑2.

According to the letter, the delay in acquiring Phase‑1 assets is generating operational ambiguity for the metro system and compounding everyday commuter challenges. Moreover, the postponement threatens the sanctioning of the Detailed Project Report for Phase‑2 and the arrangement of necessary funds, potentially inflating project timelines and expenses.

Reddy cited a June 24 conference in New Delhi attended by Union Ministers Manoj Lal, Ashwini Vaishnav, and G. Kishan Reddy, where it was agreed that SBICaps would conduct the required valuation and financial testing. The agency is also expected to examine refinancing alternatives for the costly debt tied to Phase‑1 and to formulate the comprehensive funding architecture for Phase‑2, which will involve large‑scale loan procurement.

The state has already named a nodal officer from the Municipal Administration and Urban Development department to orchestrate the process. However, the chief minister expressed disappointment that SBICaps has not yet been formally tasked nor provided with a finalized Terms of Reference. He requested that Minister Lal issue immediate instructions to empower SBICaps and to deliver a clear work plan, ensuring uninterrupted progress for Phase‑1 acquisition and Phase‑2 expansion.