Telangana Govt signs 1,461 crore deal to take over Hyderabad Metro Rail Phase I

The Telangana government on Wednesday (April 29, 2026) announced that it has signed a Share Purchase Agreement (SPA) with Larsen & Toubro Limited and L&T Metro Rail (Hyderabad) Limited (LTMRHL) for the acquisition of 100% equity in LTMRHL at an equity value of ₹1,461.47 crore.

The agreement was signed in the presence of Chief Secretary and Chairman of Hyderabad Metro Rail (HMR) K. Ramakrishna Rao, Special Chief Secretary (MA&UD) Jayesh Ranjan, HMR Managing Director Sarfaraz Ahmad, and senior management representatives from L&T and LTMRHL. The SPA was signed by Sarfaraz Ahmad on behalf of HMR, D.K. Sen on behalf of L&T, and K.V.B. Reddy, Managing Director of LTMRHL. The debt of LTMRHL amounting to ₹13,538.53 crore as on April 30, which was earlier guaranteed by L&T, will now be refinanced with a guarantee issued by the State government.

Telangana officials sign a pact with Larsen & Toubro Limited and L&T Metro Rail (Hyderabad) Limited (LTMRHL) to take over Hyderabad Metro Rail Phase-I, in Hyderabad on Wednesday (April 29, 2026) | Video Credit: BY ARRANGEMENT