Gurgaon will have India’s first Metro rail project to be built and operated by a private company. The foundation stone of the Gurgaon Metro Rail, in DLF Phase III, was laid by Haryana Chief Minister Bhupinder Singh Hooda on Tuesday at a public event in the city.

A consortium of DLF and Infrastructure Leasing and Financial Services Limited (IL&FS) has been awarded the prestigious 6.1-kilometre Gurgaon Metro rail project, expected to be completed by mid-2012. A Special Purpose Vehicle (SPV) has been created for the project worth Rs 900 crore. The SUV, in which DLF Metro and IL&FS hold 74 per cent and 26 per cent stakes respectively, will raise the required funds through loans and equity.

DLF Vice-Chairman Rajiv Singh said: “IL&FS has the mandate to raise the total loan amount. In today’s market scenario, it is a little difficult, but IL&FS is confident of raising the money in the next few months.”

The Gurgaon Metro Rail project will have six stations - Sikandarpur, DLF Phase-II, Belvedere Tower, DLF Phase-III, Gateway Tower and Mall of India.