Cabinet nod to Rs 23k cr Metro-III project
The state will now extend guarantee to the finances for the project, as the cabinet guide the way. 57% loan of the total project cost will be extended by Japanese International Cooperation Agency. A joint body of Central as well as state government has been formed, as special purpose vehicle (SPV), to take the Rs 23,000-crore project forward.
The state government will be represented by, The Mumbai Metropolitan Region Development Authority (MMRDA) and the Brihanmumbai Municipal Corporation (BMC), in implementing the project with the former being the nodal agency.
State has been objected by some ministers, for approving itself as financial guarantor for the project that will have shares of MMRDA and BMC and not the state.
There will be 27 underground stations on 33.5-km Colaba-Bandra-Seepz line. 2020 is the deadline for the project. From Cuffe Parade, it passes through Churchgate, CST, Girgam, Worli, Mahim, Kalina university, International Airport and Seepz. Although peak hour peak route traffic by 2025 has been pegged at 40000, daily ridership is expected to be about 1387 by 2025. The train will ply every three minutes and will have six to eight coaches.
Source: The Times of India
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