Construction major Larsen and Toubro (L&T) has achieved financial closure for Rs 12,132-crore Hyderabad Metrorail Project, for which it would get funding from consortium of banks.
L&T had signed a memorandum of understanding (MoU) with the Andhra Pradesh government for the project on September 4, 2010. As per the MoU the company had to achieve finance closure in six months. The company would make and official statement about this on Tuesday in Hyderabad.
The technology-driven firm had paid Rs 360 crore performance guarantee to the government in February 2011 asking for lowest (Rs 1,458 crore) visibility gap funding.
Source: www.moneycontrol.com
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