Pune Metro Project gets the final approval from the PM

The Metro project in Pune was approved in October by the Public Investment Board (PIB) of the Union Finance Ministry. On Monday this week the project was placed before PMO and the Union Cabinet, headed by Prime Minister Narendra Modi and it received approval for initiation of the Phase-I of the project on December 7,2016.

The total cost of the project will be Rs 11,420 crore and construction of two corridors: Pimpri-Chinchwad Municipal Corporation (PCMC) to Swargate (16.589 km) and Vanaz to Ramwadi (14.665 km) is planned.

World Bank and the Asian Infrastructure Investment Bank gave its support through the approval for a loan of Rs 6,325 crore. 13.5 per cent of the remaining cost will be paid by Union and State government and the rest of the funds will be obtained from local civic bodies.

Pune Metro Maharashtra Metro Rail Corporation Limited (MAHA-METRO) will implement the project, which is scheduled to be completed in five years from the date of start of the work.

Municipal Commissioner Kunal Kumar said, “The Union cabinet has approved the Pune Metro rail project. It would be now discussed in the state cabinet to plan its implementation”.

But Pune Mayor, Prashant Jagtap, said that the reason for approval of this project is the forthcoming civic elections.

The groundbreaking ceremony of Pune Metro project is held on December 24th which will be performed by either the Nationalist Congress Party chief, Sharad Pawar or the Prime Minister.

SOURCES : Money Control, The Indian Express

Image Source : Hillpost

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