On Wednesday, L&T Metro Rail (Hyderabad) Limited informed the Bombay Stock Exchange (BSE) that the state government and its members had approved the "proposed sale" of its Raidurg business undertaking to Rafferty Developments Private Ltd. as a going concern and on the basis of a slump sale.
According to the statement, the agreement is contingent on meeting all transactional requirements, receiving the necessary approvals, and being finalized and executed. The choice was made on Wednesday during a special general meeting.
A joint venture between Brookfield Corporation and K Raheja Corp Ltd would lease 15 acres of property from L&T Metro Rail to Rafferty Developments for 50 years for more than 1,200 crores, according to reports.
The agreement is believed to be a component of L&T Metro's efforts to reduce its debt of 713,000 crores by making money off the state-loaned property parcels it obtained as the concessionaire for the Metro.
