Is L&T planning to promote its stake in Hyderabad Metro Rail?

Hyderabad: The Hyderabad Metro Rail undertaking has suffered enormous losses as a result of COVID-19 pandemic. The lockdown, strict COVID-19 pointers and the ‘work at home’ strategy adopted by many corporations have contributed to the loss.

Now L&T has determined to promote its stake within the undertaking. DK Sen, director and senior govt vice chairman of L&T, mentioned the city-based renewable vitality agency Greenco could purchase the stake, the DC mentioned.

The L&T firm assertion mentioned that originally an estimated 4.5 lakh passengers used to journey by Hyderabad Metro Rail inside a 12 months. However the mode of transport suffered heavy losses as a result of COVID-19 pandemic.

In the course of the first outbreak of the pandemic, it was closed for six months. Its operation was began in September 2020 with strict COVID-19 pointers.

Hyderabad Metro Rail providers once more suspended on account of outbreak of second wave of COVID-19 pandemic. This resulted in a lack of Rs 1766 crore to Hyderabad Metro Rail within the present monetary 12 months.

Earlier, within the final monetary 12 months, it had incurred a lack of Rs 382 crore, leading to a cumulative lack of round Rs 2000 crore.

It’s famous that as a result of pandemic, many IT corporations are preferring the “work at home” mannequin, with many workers working from residence. It additionally contributes to the loss.

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