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Controversy Surrounds Hyderabad Metro Rail: N.V.S. Reddy’s Comments on Losses Spark Government Concerns
N.V.S. Reddy, Managing Director of Hyderabad Metro Rail, raises concerns over L&T’s financial losses.
N.V.S. Reddy, the Managing Director of Hyderabad Metro Rail Limited (HMRL), made comments that upset senior government officials. They are now considering replacing him after he led the project for over 15 years. Reddy said that L&T, the company running the Metro, is losing Rs 1,300 crore every year.
This has added up to Rs 6,000 crore in total losses. He also said that banks are not willing to lend money for expanding the Metro.
Reddy made these comments just as the state government, led by Revanth Reddy, was about to launch the second and third phases of the Metro project, costing Rs 25,000 crore.
A senior official said Reddy's comments were "shocking and unnecessary" because the project had already been approved, and the government was working hard to get funding. The official added that Reddy should not speak negatively about the project.
Reports have suggested that L&T might want to leave the project because of its losses. Some of these losses happened due to delays after the state was divided. Former Chief Minister K. Chandrashekar Rao had delayed the project by demanding changes to its route but finally approved the original plan.
An official said L&T struggled to make money from the land it was given as part of the project.
This was partly because the company didn't have experience in real estate development."Controversy Surrounds Hyderabad Metro Rail: N.V.S. Reddy’s Comments on Losses Spark Government Concerns"
