Business Standard

Lucknow Metro rail gets green signal

UP cabinet approved development of first phase of metro project estimated to cost Rs 8,000 crore

Virendra Singh Rawat  |  Lucknow 

government today gave formal nod to the proposed Corporation (LMRC) project.

The state cabinet meeting chaired by chief minister put its stamp of approval on the development of the network.



City has a population of over 3 million. There has been tremendous horizontal growth in the state capital with rapid development of suburban areas.

In such a scenario, a modern urban system (RRTS) is imperative for a growing city like to facilitate faster commuting and decongesting ever increasing road traffic.

The cabinet approved the development of first phase of the metro project estimated to cost Rs 8,000 crore. The North-South corridor would span 24 km connecting Airport to Munshi Pulia and traversing busiest intersections.

The first phase of the project is likely to be up and running by 2016-17.

The total project envisaged in phases is estimated at Rs 15,000 crore to be funded 50:50 by the Centre and UP on the lines of Delhi Corporation (DMRC) and as suggested by the union urban development ministry.

DMRC is the consultant for the project and had prepared the Detailed Project Report (DPR). World Bank and Japan International Cooperation Agency (JICA) had alrady evinced interest in Metro.

Both the joint venture partners would infuse 20% each as equity in the project, while the rest of the funds would be raised through debt. A sub-committee had already been constituted under Rajiv Agarwal, state housing secretary, to identify alternative sources of funding.

Metro project has been hanging fire for the last several years. During the previous Mayawati regime, the project could not move beyond the route alignment stage over funding model to be adopted.

In his 2013-14 budget speech on February 19, chief minister had averred time had come when boasted of its own metro rail.

RECOMMENDED FOR YOU

Lucknow Metro rail gets green signal

UP cabinet approved development of first phase of metro project estimated to cost Rs 8,000 crore

Uttar Pradesh government today gave formal nod to the proposed Lucknow Metro Rail Corporation (LMRC) project government today gave formal nod to the proposed Corporation (LMRC) project.

The state cabinet meeting chaired by chief minister put its stamp of approval on the development of the network.

City has a population of over 3 million. There has been tremendous horizontal growth in the state capital with rapid development of suburban areas.

In such a scenario, a modern urban system (RRTS) is imperative for a growing city like to facilitate faster commuting and decongesting ever increasing road traffic.

The cabinet approved the development of first phase of the metro project estimated to cost Rs 8,000 crore. The North-South corridor would span 24 km connecting Airport to Munshi Pulia and traversing busiest intersections.

The first phase of the project is likely to be up and running by 2016-17.

The total project envisaged in phases is estimated at Rs 15,000 crore to be funded 50:50 by the Centre and UP on the lines of Delhi Corporation (DMRC) and as suggested by the union urban development ministry.

DMRC is the consultant for the project and had prepared the Detailed Project Report (DPR). World Bank and Japan International Cooperation Agency (JICA) had alrady evinced interest in Metro.

Both the joint venture partners would infuse 20% each as equity in the project, while the rest of the funds would be raised through debt. A sub-committee had already been constituted under Rajiv Agarwal, state housing secretary, to identify alternative sources of funding.

Metro project has been hanging fire for the last several years. During the previous Mayawati regime, the project could not move beyond the route alignment stage over funding model to be adopted.

In his 2013-14 budget speech on February 19, chief minister had averred time had come when boasted of its own metro rail.
image
Business Standard
177 22

Lucknow Metro rail gets green signal

UP cabinet approved development of first phase of metro project estimated to cost Rs 8,000 crore

government today gave formal nod to the proposed Corporation (LMRC) project.

The state cabinet meeting chaired by chief minister put its stamp of approval on the development of the network.

City has a population of over 3 million. There has been tremendous horizontal growth in the state capital with rapid development of suburban areas.

In such a scenario, a modern urban system (RRTS) is imperative for a growing city like to facilitate faster commuting and decongesting ever increasing road traffic.

The cabinet approved the development of first phase of the metro project estimated to cost Rs 8,000 crore. The North-South corridor would span 24 km connecting Airport to Munshi Pulia and traversing busiest intersections.

The first phase of the project is likely to be up and running by 2016-17.

The total project envisaged in phases is estimated at Rs 15,000 crore to be funded 50:50 by the Centre and UP on the lines of Delhi Corporation (DMRC) and as suggested by the union urban development ministry.

DMRC is the consultant for the project and had prepared the Detailed Project Report (DPR). World Bank and Japan International Cooperation Agency (JICA) had alrady evinced interest in Metro.

Both the joint venture partners would infuse 20% each as equity in the project, while the rest of the funds would be raised through debt. A sub-committee had already been constituted under Rajiv Agarwal, state housing secretary, to identify alternative sources of funding.

Metro project has been hanging fire for the last several years. During the previous Mayawati regime, the project could not move beyond the route alignment stage over funding model to be adopted.

In his 2013-14 budget speech on February 19, chief minister had averred time had come when boasted of its own metro rail.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard