NEW DELHI: The Union Cabinet is likely to give its formal approval to the Noida Metro project today, which is in the advanced stages of construction and is eyeing a year-end finish. What is significant for the project is that the Cabinet's stamp will pave the way for the Centre to release its equity of Rs 1,000 crore (approx US$ 153.85 Million) in the project.
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- This will also ensure that the project does not run into any financial hurdle in future.
- NMRC (Noida Metro Rail Corporation) has set a budget of Rs 5,533 crore (approx US$ 851.23 Million) for the project that will connect Greater Noida with the rest of NCR.
- The Aqua line, as this corridor has been named, starts at Sector-71 in Noida and will have an interface with the Blue line extension that Delhi Metro rail is building from Noida City Centre - Sector-62.
- The special purpose vehicle (SPV) to execute the Aqua line project was set up in November 2014.
- In January, the National Capital Regional Planning Board had approved the release of Rs 1,587 crore (approx US$ 244.15 Million) as financial aid to the Metro rail corridor at a subsidised interest rate.
- The Centre has fast-tracked approvals for the corridor, which has already set several records for pace of construction.
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