JICA injects ₹80,000-cr in CMRL's Phase-II expansion
With the Centre revoking condition that makes Made in India trains mandatory for the Phase-II of the project, decks have been cleared for the phase II project of Chennai Metro, MoUD said in a statement, adding that Japan International Cooperation Agency (JICA) in principal has agreed to finance the Rs 80,000 crore project with 108 km length with 116 stations. Initially nearly 50 km of the 108 km will be constructed and this will cost Chennai Metro Rail Rs 44,000 crore. JICA will extend a significant portion of this amount as a loan with an extremely low interest rate with long payback period. The 50-km route, which will be built first, includes Madhavaram to CMBT and Madhavaram and also to Shollinganallur having 58 stations. Both these stretches will be partially elevated and underground. The land acquisition process has ready begun and CMRL plans to acquire nearly 800 properties across the city for constructing the whole project. Also, they are been carrying out soil tests in areas such as Nungambakkam, Ayanavaram, Thirumangalam, OMR and Cathedral Road. The JICA loan came with the condition that 30 per cent of the components, including the trains and signaling system, should come from Japan only.
📅Published on:
16 December 2018
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