MMRDA, Cidco team up to develop Mumbai Trans-Harbour Link and multi-modal corridor
Maharashtra state developmental agencies Mumbai Metropolitan Region Development Authority (MMRDA) and City and Industrial Development Corporation (Cidco) have teamed up to expedite the construction of the delays-hit Mumbai Trans-Harbour Link (MTHL) and the multi-modal corridor projects.
According to the information shared by an unidentified official, both MMRDA and Cidco have joined forces to speed up MTHL and multi-modal corridor and jointly develop the two projects.
As of now, MMRDA is the nodal agency responsible for the implementation of the Rs 2,975-crore Virar-Alibaug Multi-Modal Corridor, which is 126-km long; and the Rs 9,630-crore MTHL projects spread across a distance of 22-km.
Noting that the MTHL and multi-modal corridor projects are “much delayed” projects, Cidco’s Vice-Chairman and Managing Director Sanjay Bhatia said that Cidco has decided to work with MMRDA to speed up the completion of these projects.
Bhatia also revealed that under Cidco’s team up with MMRDA, the finance for the MTHL project will partly be contributed by Cidco. The project is currently awaiting approval from the Japan International Cooperation Agency (JICA) for funding.
With MMRDA to get 70 percent of the funding for the MTHL project cost via the JICA loan, and 30 percent through State and Central assistance as equity, Bhatia said: “We can contribute on the equity front by reducing the dependence on debt.”
Source – The Hindu Business Line
CIDCO, City and Industrial Development Corporation, Japan International Cooperation Agency (JICA), MMRDA, Mumbai Metropolitan Region Development Authority (MMRDA), Mumbai Trans Harbour Link (MTHL), Real estate in Mumbai, Virar-Alibaug Multi-Modal Corridor
