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Centre To Release Equity Of Rs 1,000 Crore For Noida Metro Project

Posted By Rail Analysis

Post Date: 24/05/2017

Category: Metro & Monorails,   Type: Noida Metro

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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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More Details:

  1.  This will also ensure that the project does not run into any financial hurdle in future.
  2.  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.
  3.  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.
  4.  The special purpose vehicle (SPV) to execute the Aqua line project was set up in November 2014.
  5.  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.
  6.  The Centre has fast-tracked approvals for the corridor, which has already set several records for pace of construction.

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