MMRDA, Cidco to jointly develop MTHL, multi-modal corridor

To speed up the much-delayed Mumbai Trans-Harbour Link (MTHL) and the multi-modal corridor projects, state developmental agencies MMRDA and Cidco have decided to join hands and jointly develop them, a senior official has said.

Currently, the Mumbai Metropolitan Region Development Authority (MMRDA) is the nodal agency for implementing the Rs 12,975-crore 126-km Virar-Alibaug Multi-Modal Corridor and the Rs 9,630-crore 22-km MTHL projects.

"We have decided to work together to push these much delayed projects," City and Industrial Development Corporation (Cidco) vice-chairman and managing director Sanjay Bhatia told PTI.

He said Cidco is ready to part-finance the MTHL which is awaiting approval from the Japan International Cooperation Agency (JICA) for funding.

"We have offered to part finance the project as it may be delayed due to approvals from the JICA, which has shown interest in funding. We can contribute on the equity front by reducing the dependence on debt," he said.

It has been decided that MMRDA will borrow JICA loan to the extent of 70 per cent of the project cost while the remaining 30 per cent would be funded through state and central assistance as equity.

"Through our contribution, we plan to reduce the dependence on loan to the extent of 50 per cent, which can be borrowed domestically and not wait for JICA loan which may take a year for approval thus delaying it," he said.

He said the Jawaharlal Nehru Port Trust may also be a part of the project.

Bhatia further said as the multi-modal corridor is planned to improve connectivity till the proposed Navi Mumbai airport, which Cidco is implementing, they will provide all the necessary assistance to develop it.

"As it will improve connectivity from Mumbai to the airport, we have asked MMRDA to focus on it and Cidco is ready to support it," he added.