 Online edition of India's National Newspaper Thursday, Jul 24, 2008 ePaper | Mobile/PDA Version |
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Andhra Pradesh
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Hyderabad
HMR prefers to keep mum over developer even after Maytas Infra-led consortium became lowest bidder HYDERABAD: Mysterious. That is the only word that can denote why neither the government nor Hyderabad Metro Rail Limited (HMR) preferred to keep mum over the prospective Build, Operate and Transfer (BOT) developer even after Maytas Infra-led consortium became the lowest bidder. In fact, all the excitement built since Wednesday afternoon that the prestigious elevated metro rail project for the twin cities would reach a decisive stage went kaput once lips got sealed. Initial expectation was that a formal announcement would be made by HMR towards evening. But, it did not happen as the officials concerned including HMR Chairman C.V.S.K. Sarma and MD N.V.S. Reddy went to the Chief Minister’s Office. They were closeted there and remained incommunicado as mediapersons and others badgered the Metro Rail office to confirm the news spreading like wildfire. Of course, HMR officials from the beginning were cautious in stating that the private developer provided would be announced only if “there are no legal complications,” after the financial bids are evaluated. They had a reputed legal advisor and an owner’s consultant to vet the bid documents like bidder’s board resolutions; power of attorney and bank guarantee amounts. It was only after their consent that the three-member panel forwarded their recommendation to the government through the HMR Chairman. All indications are that the entire process of receiving bid documents and evaluation was pretty smooth. What happened after that remains a matter of conjecture for now. To add to the drama, in the BSE, Maytas Infra stock gained 19.80 per cent at Rs. 494.25, while Navabharat Ventures shares witnessed 5.94 per cent rise at Rs. 276.25 when company officials confirmed the news to a few agencies.
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