Metro company to be revamped for Colaba-SEEPZ route.

The Colaba-Bandra-SEEPZ Metro corridor is set to gain traction as the Mumbai Metropolitan Region Development Authority (MMRDA) has submitted a comprehensive proposal to restructure the Mumbai Metro Rail Corporation (MMRC) Limited, which will pave way for the finalization of bids for the project.

The MMRC, fully owned by the state government, was formed to implement Metro projects. A 50:50 joint venture was to be formed between the state government and Centre for MMRC to execute the underground project. Its formal restructuring will now ensure a steady stream of funds, enabling the MMRDA to undertake preparatory works through MMRC for the corridor. The Mumbai Metro-III will need an estimated investment of Rs. 23,136 crore. The Centre will invest approximately Rs. 5,000 crore as equity and subordinate debt and Maharashtra would put in an equal investment.

The rest Rs. 13,235 crore will come from Japan International Cooperation Agency as soft loan. The Mumbai International Airport Limited (MIAL) too will share the cost of the project as one of its 27 stations will be at the international airport. A sum of Rs. 772 crore will be contributed by the MIAL.

TOI