The Central government is considering
awarding a grant from the funds of the Jawaharlal Nehru National Urban Renewal
Mission (JNNURM) to meet a funding gap of Mumbai Metropolitan Region Development
Authority's Versova-Andheri-Ghatkopar Metro Rail Project (Line 1 Phase).
If the decision is approved, the
Mumbai metro will be the first project involving private participation to
receive a JNNURM grant. The grant is likely to be Rs.500 crore.
The Line 1 is 11.5 km long and is
expected to cost Rs.2,400-Rs 2,500 crore. The MMRDA is one of the partners with
the ADAG group in the special purpose vehicle formed to implement the project,
which is on a build-own-transfer (BOT) basis for 35 years. The project also
involves real estate and property development opportunities.
Also See:
Centre to provide
Rs.650 crore for Mumbai Metro One (30-Apr-08)