JICA inks deal for loan to Mumbai metro III project

JICA funds would be used for construction of Mumbai Metro Line-3 (32.5 km long underground line) including Tunnels, Stations, allied facilities etc

The Japan International Cooperation Agency (JICA) on Tuesday signed an official development assistance loan agreement with the government of India, for providing the first tranche of 71,000 million yen (Rs 4,553 crore) for the Mumbai Metro III Cuffe Parade-Bandra-SEEPZ project. The agreement was signed by Rajesh Khullar, joint secretary of the Department of Economic Affairs, Ministry of Finance and Shinya Ejima, chief representative of JICA in India.

The JICA funds would be used for construction of Mumbai Metro Line - 3 (32.5 km long underground line) including tunnels, stations, allied facilities, rolling stock, system component and consulting services. The loan carries a concessional interest rate of 1.40 per cent to be repaid in 30 years, including a 10-year moratorium period. The executing agency is Mumbai Metro Rail Corporation, which would now be a joint venture company of the government of India and government of Maharashtra. The project is expected to be complete in 2020.

Bids invited

Two-and-a-half months after the Centre’s approval, the state-run Mumbai Metro Rail Corporation (MMRC) has invited bids for the pre-qualification of bidders for detailed design and construction of underground stations and associated tunnels for the 32.5-km Cuffe Parade-Bandra-Santacruz Electronics Export Processing Zone ( SEEPZ) metro line III. Mumbai Metro line-III has 26 underground stations. It will run from Cuffe Parade in south Mumbai to SEEPZ in the north. The civil works are divided in seven contract packages. The last date for bidding is October 30. MMRC’s tender is notwithstanding the delays in the commencement of the 3-km Versova to Azad Nagar stretch of the Mumbai metro-I and uncertainty over the 32-km Mumbai metro-II project between Charkop-Bandra-Mankhurd.

Chief Minister Prithviraj Chavan recently announced the government was mulling implementing metro line-III project through the engineering procurement construction (EPC) model and not based on build operate transfer (BOT).