Minister Kishan Reddy attributes delay in IRFC loan for HMR takeover to repayment issue

Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription The View From India Looking at World Affairs from the Indian perspective. First Day First Show News and reviews from the world of cinema and streaming. Today's Cache Your download of the top 5 technology stories of the day. Data Point Decoding the headlines with facts, figures, and numbers Health Matters Ramya Kannan writes to you on getting to good health, and staying there The Hindu On Books Books of the week, reviews, excerpts, new titles and features. Union Minister G. Kishan Reddy attributed the delay in the disbursal of a ₹13,527 crore loan from the Indian Railway Finance Corporation (IRFC) for the Hyderabad Metro Rail (HMR) Phase I takeover from L&T Metro Rail Hyderabad (L&TMRH) to what he described as a ‘small technical issue’, even as the matter escalates into a political row with the Telangana government. Addressing a press conference in New Delhi on Tuesday, Mr. Kishan Reddy said the issue revolves around how loan repayment is to be prioritised. According to him, Union Minister for Housing and Urban Affairs Manohar Lal Khattar informed that the Telangana government had initially agreed — at the time of signing the pact with IRFC — to prioritise loan repayment through HMR revenues. However, the Urban Affairs Ministry sought to prioritise operations and maintenance expenses instead. Explaining the Centre’s position, Mr. Kishan Reddy noted that metro rail systems across the country typically utilise revenue first for operational costs before repaying loans. “These are technical and financial issues that can be resolved through discussion between the Ministry of H&UA and the State government,” he said. The Secunderabad MP also claimed he was ‘unaware’ of the IRFC loan disbursal being stalled until Chief Minister A. Revanth Reddy raised the issue in his press conference at Hyderabad on Monday. Reaffirming the need for expanding metro rail connectivity and the Multi-Modal Transport System (MMTS) in Hyderabad, Mr. Kishan Reddy denied allegations that he had obstructed the project. “The BJP does not have a culture of stalling projects. If changes are required, we state them openly,” he said, while offering to facilitate a meeting between the Chief Minister and Mr. Khattar in New Delhi to resolve the matter, including issuance of a ‘No Objection Certificate’ (NOC) for the projects. “I am ready to accompany him if he comes here,” he said. Mr. Kishan Reddy also rejected claims that the Centre discriminates against non-BJP gov