Telangana Appoints SBICAPS To Reassess Hyderabad Metro Phase I

30 Jun 2026 CW Team

The Telangana government has engaged SBI Capital Markets Limited (SBICAPS) to reassess valuation and financing of Hyderabad Metro Rail Phase I despite a similar exercise last year. The appointment revives scrutiny over a prior valuation by IDBI Capital and the Rs 840 mn upfront fee paid to release the first loan tranche. The consultant will be asked to raise loans for the takeover and select lending agencies.

Earlier due diligence by IDBI Capital and Delhi Metro Rail's consultancy had estimated Phase I assets at between Rs 205.44 bn and Rs 221.02 bn. The move follows delays in disbursement by the Indian Railway Finance Corporation and questions over who will bear interest costs of nearly Rs 25 mn a day on takeover loans. The study will also examine expansion and financing for Metro Phase II.

The appointment of SBICAPS came amid tensions with State Bank of India after the bank secured a stay from the Telangana High Court on the Raidurg land auction, where a parcel fetched Rs 2.37 bn per acre. SBICAPS is the investment banking arm of the State Bank of India and provides project advisory, capital markets and structured finance services. Observers said the selection raises questions about independence and overlap with earlier work.

As per the agreement with Larsen & Toubro, the State agreed to refinance debts of Rs 135.39 bn held by L&T Metro, triggering the Rs 840 mn upfront payment under terms set by IRFC. The appointment was announced after the Chief Minister met Union ministers in New Delhi to discuss loan delays and Phase II, and the Chief Minister's Office named a senior Union official and the special chief secretary for municipal administration and urban development to coordinate the study. The report from SBICAPS will inform decisions by the State and the Centre on the takeover and future financing.

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