Maharashtra cabinet clears Mumbai Metro project worth Rs 23,487.51 crore

Mumbai: The Maharashtra cabinet, chaired by Chief Minister Devendra Fadnavis, on Wednesday approved the construction of the 17.51 km Metro Line-11 project from Anik Depot-Wadala to Gateway of India in Mumbai with a financial provision of Rs 23,487.51 crore.

Mumbai Metro Line-11 is an extension of Mumbai Metro Line-4 (Wadala-Thane-Kasarwadavali). The Detailed Project Report (DPR) of this line has been prepared by the Delhi Metro Rail Corporation (DMRC). The project will be constructed by Mumbai Metro Rail Corporation Ltd.

Of the total project, 70 per cent of this line is underground, and therefore, 13 underground stations and one ground-level station will be built. The cabinet subcommittee on infrastructure had recently cleared this project. For this project, the state government will make a request to the Central Government for equity of Rs 3,137.72 crore and interest-free secondary loan assistance of Rs 916.74 crore. The cabinet also approved that the state government will take the responsibility for the repayment of the loan taken for the project.

Further, the state cabinet also approved the necessary loans for the Metro Rail projects of Thane city, Pimpri-Chinchwad to Nigdi Metro Rail Corridor in Pune city, Swargate to Katraj Metro Rail Corridor, Vanaz to Ramwadi (Route No. 2) extension from Vanaz to Chandni Chowk and Ramwadi to Wagholi (Vitthalwadi) and Pune Metro Route-4 (Khadakwasla Swargate Hadapsar-Kharadi) and Nal Stop Warje-Manikbagh (Sub-Route) and Nagpur Metro Rail Phase-2.

According to a government release, the Thane Circular Metro Project, Pimpri-Chinchwad to Nigdi Metro Rail Corridor, Swargate to Katraj Metro Rail Corridor, Vanaj to Chandni Chowk and Ramwadi to Wagholi Metro Corridor (Vitthalwadi), Pune Metro Route-4 (Khadakwasla – Swargate – Hadapsar-Kharadi) and Nal Stop Warje-Manikbag (Sub-route) and Nagpur Metro Rail Phase-2 have already been approved.

The cabinet also cleared that the government will take the responsibility of loan repayment by entering into the necessary agreement for the same. These projects will be able to get loans at a soft interest rate through bilateral, multilateral financial institutions or other institutions within the approved limit.

The project development agencies will have to repay the principal, interest and other charges of this loan. Approval was given in the meeting held on Wednesday to provide a government guarantee, if necessary, in connection with this loan.

IANS