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DLF announced on Tuesday a fully privately financed metro rail project for its townships in Gurgaon with a project cost of Rs 900 crore (Rs 9 billion).
"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 system, it added.
The consortium, where DLF would have a 26 per cent stake while IL&FS would hold the rest, would invest invest Rs 900 crore (Rs 9 billion) in developing the project.
According to a DLF spokesperson, the Special Purpose Vehicle would raise Rs 700 crore (Rs 7 billion) within the next 6 months. The mode of raising would, however, be decided in due course of time.
The 6.1 km metro link with standard gauge line would be completed within the next 30 months, DLF said.
The metro route, having six stations, would connect the Delhi metro station at Sikandarpur and would act as the feeder of the Central Secretariat-Gurgaon line of the Delhi Metro Rail Corporation, DLF said.