European Investment Bank to fund metro rail project

Sakal Times
Tuesday, 4 July 2017

He said that the cost of the project will not escalate and the execution of the project will by carried out by 2021. The funding pattern of the project will remain the same as the State and Union governments will bear the funds as mentioned in the detailed project report

Pune: The European Investment Bank will fund the ambitious Pune Metro Rail Project. The total cost of the project is Rs 11,230 crore and the Maharashtra Metro Rail Corporation Limited (Maha-Metro) is eyeing a fund of 600 mn euros out of the required 845 mn euros.

Speaking to the press on Monday, Managing Director of Maha-Metro Brijesh Dixit said that the European Investment Bank is going to fund the Pune Metro Rail Project and Maha-Metro will seek funds of the remaining 245 mn euros from two other European countries.

He said that the cost of the project will not escalate and the execution of the project will by carried out by 2021. The funding pattern of the project will remain the same as the State and Union governments will bear the funds as mentioned in the detailed project report.

He also said that a tender for the first 16.5 km corridor between Pimpri-Chinchwad and Swargate will be opened on July 16. The tender for the second corridor between Vanaz and Ramwadi will also be opened soon.

“The last time, the bidders quoted high prices as compared to the Nagpur metro rail project, so we had decided to go for re-tendering and invited fresh bidding,” he said. Speaking about land acquisition, Dixit said that land at Agriculture College and in Kothrud are in possession of the government and there will be no problem or delay in acquisition. He also said that as many as 685 trees will be affected due to the project and Maha-Metro will plant 2,000 trees in Parvati forest as compensation.

 

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