State signs agreement to take over Hyderabad Metro from L&T

Hyderabad Stories published this report on 11 October 2026 as part of a review of April 2026. It was drafted with AI assistance from the reports listed at the end, each read in full; quotations are as those reports printed them. Photo above — RTC X Roads Metro station in the evening.

Two months after the Cabinet's approval, the Telangana government signed the agreement to take over Phase-I of the Hyderabad Metro on Wednesday, 29 April 2026, at the State Secretariat.

The deal

Hyderabad Metro Rail Limited (HMRL) agreed to acquire 100 per cent of the shares of L&T Metro Rail (Hyderabad) Limited for an equity value of Rs 1,461.47 crore. The company's existing debt of Rs 13,538.53 crore was to be refinanced with the state government's guarantee. Chief Secretary K. Ramakrishna Rao and Special Chief Secretary Jayesh Ranjan were present; before the signing, L&T chairman S. N. Subrahmanyan met the Chief Minister.

New management

HMRL announced that the state would take full control from 1 May, with the transaction capped at Rs 15,000 crore. Its new board was named as Jayesh Ranjan, Vikas Raj, Sandeep Kumar Sultania, B. Shivadhar Reddy, Ashok Reddy and Jitesh V. Patil, with Sarfaraz Ahmed as managing director and Shivendra Pratap as joint managing director.

Later: by September the takeover had not been financially closed — see our September report.

Sources

• Telangana takes over Hyderabad Metro Phase-I from L&T — UNI, 29 April 2026
• Telangana Government takes full control of Hyderabad Metro — Hyderabad Metro Rail Limited, 26 April 2026