Union Cabinet approves Proposal for Extension of Corridor-1 of Chennai Metro Rail Project Phase-I
Posted on:02 Jun 2016 14:25:48
02 June 2016 Current Affairs: The Union Cabinet on 1 June 2016 approved the proposal for Extension of Corridor-1 of Chennai Metro Rail Phase-I Project from Washermanpet to Wimconagar. It covers a length of 9.051 km at a total cost of 3770 crore rupees.
Highlights of the Proposal : The project will be executed by the existing SPV of Government of India and the Government of Tamil Nadu having 50:50 equity of Chennai Metro Rail Ltd. This extension will provide improved access to public transport for dense population comprising predominantly industrial workers to move towards the central business district of the city for work.
In the total project cost, Government of India's (Gol) share will be 713 crore rupees and Government of Tamilnadu's (GoTN) share will be 916 crore rupees. The share of GoTN included cost of Land and R&R of 203 crore rupees.The balance amount of 2141 crore rupees will be met from loan from multilateral/bilateral/domestic funding agency.The estimated ridership will be 1.6 lakh passengers per day in first year of operation.The project is scheduled to be completed by March 2018.
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