Cabinet approves Colaba-Bandra-SEEPZ metro corridor
28 Jun 2013
The union cabinet today approved the Mumbai Metro Line-3 corridor that will connect Colaba with Bandra and the Santacruz Electronics Export Processing Zone (Colaba-Bandra-SEEPZ).
The total cost of the project covering a total length of 33.5 km (fully underground) is estimated at Rs23,136 crore.
The gauge would be standard gauge, as per the detailed project report.
The project of the Mumbai Line – 3 is scheduled to be completed by March 2019, that is within six years from the date of start of work in the financial year 2013-14.
The cabinet also approved the conversion of the existing state level special purpose vehicle (SPV), Mumbai Metro Rail Corporation (MMRC), into a joint venture company of the central government and the state government of Maharashtra, with equity participation on a 50:50 basis.
The SPV will work on a similar pattern as for the Delhi Metro, Bangalore Metro, Chennai Metro and Kochi Metro and the joint ownership company will continue to be named as MMRC.
The promoters, the central and state governments, will have five directors each to the board of the SPV, which will have 10 nominee directors. The secretary, ministry of urban development of the central government will be the ex-officio chairman of the board.
The implementation of the project would provide much needed additional transport infrastructure to Mumbai.