Mumbai Metro Line 3 gets ₹10,269-cr funding booster

Mumbai Metro Line 3 gets ₹10,269-cr funding booster
The state cabinet in Maharashtra approved an additional funding of ₹10,269 crore for the mostly underground Mumbai Metro Line 3 project. Deputy CM Devendra Fadnavis said that the cost of the project has increased as no construction was undertaken in the last two years. The original cost of the project was ₹23,136 crore, which has now gone up to ₹33,405 crore. The state will request the Union government to contribute to the cost escalation. Earlier, the state was supposed to spend ₹2,402 crore which has now increased to ₹3,699 crore.

The cabinet instructed the Mumbai Metropolitan Regional Development Authority (MMRDA) to transfer ₹1,297 crore, the difference in cost, to the Mumbai Metro Rail Corporation as part of the ₹10,269 crore funding. The Metro Line 3 is funded by Japan International Cooperation Agency (JICA) which would now increase its contribution from ₹13,235 crore to ₹19,924 crore and the Cabinet has also cleared a proposal to make a fresh demand to JICA to increase its loan amount, the deputy CM added.
Published on 18 August 2022
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