The Noida metro rail corporation (NMRC) on Thursday said the ministry of urban development (MoUD) has sanctioned a loan of ` 1,570 crore for the Metro expansion project.
A 15-km Noida Sec 71 to Greater Noida Knowledge Park 5 extension and 11-km NoidaSec 142 to Botanical Garden are in the pipeline.
The amount will be used for the 30-km Noida-Greater Noida Metro project, which is currently under construction and is expected to be ready by the end of 2017. The NMRC needs to spend ` 5,533 crore on this project and aims to get half the amount from Central agencies.
“On Thursday, we received a sanction letter from the National Capital Region planning board (NCRPB) that will release ` 1,570 crore in a phased manner for the Noida-Greater Noida metroproject. It is a major boost to our project from the NCRPB,” said Rama Raman, managing director, NMRC.
The NCRPB, which comes under the MoUD, had given its in-principle approval to the ` 1,570 crore funds on January 19 this year.
“We are now trying to get another ` 1,000 crore from the public investment board (PIB). But to avail more financial assistance from the Centre, the NMRC will have to give equity to MoUD,” another NMRC official said.
The Noida authority on Thursday also decided to release ` 200 crore in the next 15 days for theNoida-Greater Noida metro project.
“We will release ` 100 crore in the next two days to NMRC. It needs to pay the Delhi metro rail corporation (DMRC) that is building the Noida-Greater Noida metro project. After this, we will release another ` 100 crore by end of February,” said Saumya Srivastava, deputy chief executive officer (DCEO) of the Noida authority.
Since NMRC’s formation in November 2014, it has received ` 350 crore in funds from the Noidaauthority.
“The NMRC will get a total of ` 550 crore in funds by the end of February. The Noida authority is committed to provide ` 1,000 crore as initial corpus for the NMRC, which will also run a city bus service apart from handling the Noida- Greater Noida project,” Srivastava said.
After the 30- km Noida to Greater Noida Metro project, the NMRC is to also construct the 15-km Noida Sector 71 to Greater Noida Knowledge Park 5 line and the 11-km Noida Sector 142 to Botanical Garden line, officials said.
Sourced From:- HINDUSTAN TIMES Feb 12, 2016 15:16