Hyderabad, 15 June (HS): Telangana Chief Minister A. Revanth Reddy on Monday alleged that delays in the disbursal of a Rs 13,600-crore refinancing loan for the Hyderabad Metro Rail project were caused by political interference.

Speaking to reporters, the Chief Minister claimed that the loan, arranged through the Indian Railway Finance Corporation (IRFC), had not yet been disbursed despite the state government completing the required formalities, including payment of margin money and processing fees.

Reddy alleged that Union Minister G. Kishan Reddy had raised objections to facilitating the loan, a charge that has not been responded to by the Union minister.

The Chief Minister said the refinancing arrangement was secured through IRFC for the Hyderabad Metro Rail project and described the corporation as an intermediary in the funding process.

The Telangana government had announced on May 25 that it had secured a Rs 13,600-crore refinancing agreement from IRFC for the Hyderabad Metro Rail project. The agreement was signed between L&T Metro Rail (Hyderabad) Ltd and Hyderabad Metro Rail Ltd (HMRL).

The state government recently acquired 100 per cent equity in L&T Metro Rail (Hyderabad) Ltd through HMRL.

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Hindusthan Samachar / Indrani Sarkar