The Telangana government has set up a special purpose vehicle (SPV) to extend the Hyderabad metro rail's services to the international airport at Shamshabad.
The SPV will be jointly promoted by the Hyderabad Metro Rail Limited (HMRL) and the Hyderabad Metropolitan Development Authority (HMDA), a state government order said.
The HMRL released a copy of the order to the media here on Sunday.
"For immediate implementation of the airport express metro corridor from Biodiversity Park to the Shamshabad airport with extension of Corridor-III, Raidurg to Biodiversity Park (30.7km), and to develop townships near new metro stations en route the airport corridor, Managing Director (MD), HMRL, has submitted a proposal for creation of a SPV," it said.
HMRL will have 51 per cent share in the SPV and HMDA a bit less than 49 per cent, the order said.
The government has created the SPV after consideration of the draft Memorandum and Articles of Association as forwarded by the HMRL's MD, it said.
The SPV has been named "Hyderabad Airport Metro Limited (HAML)" and Chief Secretray S K Joshi is its chairman and HMRL, MD, N V S Reddy its managing director, according to the order.
HAML shall be incorporated with an authorised share capital of Rs 100 lakh, divided into 10 lakh equity shares of Rs 10 each, it said. The HMRL had launched the Phase-I of the project last year.