146-Billion Chennai Metro Rail project approved

Thursday, 29 January 2009, 11:27 Hrs
Printer Print Email Email
New Delhi: The government has approved the 146-billion (14,600-crore) Chennai Metro Rail project, it said here Thursday.

The project will be executed by Chennai Metro Rail Ltd, a joint venture with equal equity participation from the central and state governments, which has been set up on the lines of the Delhi Metro Rail Corp (DMRC).

The Cabinet Committee for Economic Affairs (CCEA) approved the project at a meeting held here Wednesday evening.

DMRC has prepared the detailed project report. In the first phase, 45.046 km will be constructed, of which 24 km will be underground and 21 km elevated. The project is targeted to be completed by 2014-15.

The project cost takes into account escalation, central taxes and interest during the period of construction, but excludes state taxes and value of the land owned by the state government.

According to an official, about 59 percent of the cost will raised through soft loan from the Japanese government. The loan agreement was signed between the two countries in last November in Tokyo.
Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..