Biz Masala

  BIZ MASALA   |   INFRASTRUCTURE & PUBLIC FINANCE L&T’s proposed exit, a state-backed debt refinancing and the public-interest questions behind the transfer of Phase I By Murthy ASR   |   Biz Masala   |   18 October 2026 Hyderabad Metro train at a depot. Photograph supplied for this Biz Masala story. THE BIG QUESTION The proposed transfer of Hyderabad Metro Phase I from Larsen & Toubro to a Telangana government-owned entity is not simply a corporate stake sale. It combines an equity purchase with the refinancing of a much larger debt burden. The transaction raises practical questions about financing costs, risk allocation, accountability and the service commuters receive. The public record confirms the broad structure. It does not, by itself, answer every question about the eventual cost to taxpayers or the long-term financial sustainability of the network. This story separates confirmed terms from issues that require further...