Metro takeover signed in April, Dussehra still gets billing
Telangana signed the Hyderabad Metro Phase-I ownership deal on April 29. The later Dussehra deadline belongs to a single report, while the paperwork leaves the closing details untidy.
The ownership agreement was signed on April 29; the closing details remain unsettled.
Hyderabad Metro Phase-I was not waiting for Dussehra to enter government hands. The Telangana government, through Hyderabad Metro Rail Limited (HMRL), signed a Share Purchase Agreement with Larsen & Toubro on April 29, 2026 to acquire 100% of L&T Metro Rail (Hyderabad) Limited for an equity value of ₹1,461.47 crore, according to HMRL.
HMRL said the project company’s ₹13,538.53 crore debt would be refinanced with a Telangana government guarantee. IRFC later announced a ₹13,527 crore term-loan agreement, saying the ownership had already transferred to the state. The metro’s 69-km Phase-I network therefore had more paperwork behind it than the usual inauguration-stage ribbon.
L&T’s exchange filing had said completion was expected by June 30, subject to customary conditions. A later report put the deadline at September 30 and said the government was aiming for Dussehra. The material reviewed does not establish whether that later date concerned legal closing, refinancing, operational handover or another condition. The state’s June release also said SBICAPS was still studying valuation, takeover and financing requirements.
The ownership deal is documented. The final operating model, fare policy and exact closing date are not. The deadline, like the festival calendar, appears to have acquired a life of its own.