The Andhra Pradesh government has decided to appoint a new consultant for the preparation of a revised Detailed Project Report (DPR) for the Visakhapatnam Metro Rail Project through an open tender. The government has issued orders in this regard on Monday. The Government also decided to cancel the single bid of M/s Essel Infra Consortium.
The Government, in the GO 332, said that not much cost reduction was found in the bid received from successful bidder M/s Essel Infra Consortium, the single financial bid. The Managing Director of Amaravati Metro Rail Corporation (AMRC), has been asked to take necessary action.
Revalidated ₹ 8.3k cr. project cost
The government had earlier issued orders approving the development of Visakhapatnam Metro Rail Project under a PPP Model. It also accorded sanction to develop Metro Rail Project with three corridors consisting of 42.55 km under an innovative PPP model with a revalidated project cost of ₹ 8,300 crore.
Allows ECB or foreign funding
The government has also permitted the AMRC to borrow an amount of ₹ 4,200 crore towards the cost of Civil Infrastructure by way of External Commercial Borrowings (ECB), or any other Foreign Funding Agencies/Financial Institutions with lower interest rates comparable to those of Indian Banks with a one time Sovereign Guarantee by the State Government.
