Colaba-Bandra-Seepz metro railway project i.e. Mumbai Metro-III, has received approval from the Cabinet.

The 33.5 km fully underground metro railway project has been undertaken by the Mumbai Metropolitan Region Development Authority (MMRDA).

After receiving approval from the Cabinet, the state government will now extend guarantee to the finances for the project.

Financial assistance of 57 per cent (Rs 13,235 crore) of the total project cost will be provided by Japanese International Cooperation Agency (JICA) for the metro rail project.

The MMRDA and Municipal Corporation of Greater Mumbai (MCGM) will represent the state government in executing the project.

For implementing the underground metro project, an SPV named Mumbai Metro Rail Corporation (MMRCL) has been formed, which is a JV (50:50) between the government of India and government of Maharashtra.

The estimated cost of the 33.5 km underground metro project is Rs 23,136 crore. The project will have 27 underground stations and is likely to be completed by the year 2020.

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