The country's largest real estate player, DLF, has announced a fully-privately financed metro rail project for its townships in Gurgaon with a project cost of Rs 900 crore.
"The government of Haryana has awarded the construction of the metro system in Gurgaon. A consortium of DLF and IL&FS has bagged the contract. The process to form a special purpose vehicle is on to construct and operate the system," DLF said.
The project called 'DLF MetroRail, Gurgaon' has been bagged on concession by the consortium for a period of 99 years to build and operate the metro sytem, it added. The consortium, where DLF would have a 26% stake while IL&FS would hold the rest, would invest invest Rs 900 crore in developing the project.
According to a DLF spokesperson, the Special Purpose Vehicle (SPV) would raise Rs 700 crore within the next 6 months. The mode of raising would, however, be decided in due course of time.
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