Centre sanctions Rs.1,300 cr funds for Pune metro

Centre recently approved the Hinjewadi-Shivajinagar Metro corridor in Pune on public private partnership basis and sanctioned Rs.1,300 crore as a part of the viability gap funding. As a matter of fact, 23.3-km-long Hinjewadi-Shivajinagar stretch would be the third Metro corridor in the city being built at a cost of Rs.8,313 crore. According to the Centre's new Metro policy, the project was awaiting the Centre's 20% viability-gap funding and the state is supposed to generate Rs.812 crore. The central government's approval and fund allocation has put the project on fast track and the state is in the process of floating tender to decide the bidder for the project very shortly, said Pune Metropolitan Region Development Authority (PMRDA) commissioner Kiran Gitte. The successful bidder will have to bring in 60% funding for the project — 30% in equity and 70% in debt. The work on Hinjewadi-Shivajinagar stretch is expected to be carried out in a phased manner. The first phase, between Hinjewadi and Balewadi, will be completed by April 2019 and the second phase, between Balewadi and Shivajinagar, will be completed by 2021. PMRDA has shortlisted three companies — Tata Realty Siemens, IRB in consortium with Chinese and Malaysian companies and ILFS — whoever bid for the project. All the stations will be equipped with the latest technology, amenities and state-of-the-art infrastructure and the entire Metro stretch is expected to be monitored via automated technologies, he revealed.