The subsidiary of the engineering and construction major L&T is implementing the Rs 16,000-crore elevated metro rail project in the city.
According to the official, as per the agreement with the lenders led by State Bank of India, it is eligible to convert up 50 per cent of its unutilised loan into ECBs.
The company has been sanctioned Rs 11,400 crore debt by the lenders and spent up to Rs 8,000 crore on the project so far on 70 per cent debt and 30 per cent equity basis.
"Up to 50 per cent of the rupee loan can be converted into ECBs. So we may go up to USD 180 million, but that depends on the situation."
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According to him, the current rate of interest on ECB works out at 10 per cent (38 basis points on Libor rate, some upfront fee and total hedging cost) while Indian rupee loan is pegged at 11.3 per cent. The company has the advantage of saving 1.30 per cent interest cost if it goes for ECBs.
The project is yet to get clearances at some of the locations from the state. The phase-I of the project was originally scheduled to be completed by July next year.
The project presents an opportunity to develop 18.5 million square feet of commercial space.
V B Gadgil, CEO and Managing Director, L&T Metro Rail (Hyderabad) had earlier said finances for developing six million sq ft has already being tied up and the total 18 million sq ft will be developed as and when required over eight to ten years.