The Government of Telangana on April 29, signed a Share Purchase Agreement to take over Hyderabad Metro Rail Phase I from Larsen & Toubro Limited and L&T Metro Rail (Hyderabad) Limited, acquiring 100% equity at a value of ₹1,461.47 crore.
As part of the transaction dated April 29, the Telangana government will refinance LTMRHL’s debt of ₹13,538.53 crore, which was earlier guaranteed by L&T and will now be backed by a state guarantee.
A Historic Milestone: Telangana Govt Takes Full Control of Hyderabad Metro Phase I
Share Purchase Agreement Signed for 100% Equity Acquisition of LTMRHL through Hyderabad Metro Rail Limited (HMRL)
In a landmark moment for urban mobility, the Government of Telangana has… pic.twitter.com/WgrFEUP9bw
— Hyderabad Metro Rail Ltd. (@HMRLHydmetro) April 29, 2026
The agreement was executed in the presence of Chief Secretary K Ramakrishna Rao and Special Chief Secretary Jayesh Ranjan. It was signed by Sarfaraz Ahmad on behalf of HMRL, D K Sen for L&T, and KVB Reddy for LTMRHL.
The transaction advisory was handled by IDBI Capital, while Saraf & Partners provided legal advisory services.
Earlier, L&T Chairman SN Subrahmanyan met Chief Minister Revanth Reddy ahead of the agreement.
Hyderabad Metro Rail Phase I, operational since November 2017, spans 69 km across three corridors, serves around 4.5 lakh passengers daily, and has recorded nearly 86 crore passenger trips so far.
Officials stated that the acquisition is expected to enable seamless integration with the proposed Phase II, improving planning, execution, and commuter services across the metro network.
