"The Hyderabad Mass Rapid Transit System (MRTS) has been recommended by the Empowered Committee and Empowered Institution for viability gap funding (VGF), though final approval will require the consent of Finance Minister P Chidambaram as well," said finance ministry sources. Once approved by the Finance Minister, the funds could be released to the state government in a phased manner to implement the project, sources said.
The state government would be required, said officials, to sanction the fund to the bidder that agrees to implement the project with minimum viability gap funding. However, the maximum VGF would be 20 per cent of the total project cost. Sources said earlier, the Finance Ministry had asked the Andhra Pradesh government to revise the project to ensure the provision of bidding as per the government guidelines.
Later, the Empowered Committee comprising of Secretary {Economic Affairs), Secretary (Planning Commission) Secretary (Expenditure)
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