Boost for Navi Mumbai metro project with financial closure for line 1

The process of financial closure for line number 1 of the upcoming Navi Mumbai metro project has been completed with the signing of an agreement between CIDCO and ICICI Bank for the Rs 500 crore line of credit, a release said on Wednesday.

Navi Mumbai Metro Line 1 project is a three-coach metro train. The 11.1-km Belapur to Pendhar stretch of the project comprises 11 stations.

"City and Industrial Development Corporation (CIDCO) signed an agreement for the industrial line of credit for Rs 500 crore with the Industrial Credit and Investment Corporation of India (ICICI). With this, the financial closure process for the metro line no. 1 project has been completed," CIDCO said in a release.

Speaking about the major milestone, CIDCO vice chairman and MD Sanjay Mukherjee said the works on line number 1 of the project will be expedited.

"Due to the Rs. 500 crore line of credit facility from ICICI Bank, the works of Line no. 1 will be expedited and it will be possible to travel on this line as soon as the works are completed within the scheduled time. The sanctioning of the line of credit has in a way put a stamp on the credibility of CIDCO's projects, he said.

According to CIDCO, the viaduct of the metro project is completed while five of the total 11 stations are ready to be commissioned. All important clearances including CMRS have been obtained while the work of the remaining six stations is in full swing and the complete line is expected to be commissioned very soon.

The estimated cost of the Metro line-1 project is Rs 3,400 crore, out of which Rs. 2,600 crore are already infused by CIDCO, Rs. 500 crore is from the bank's line of credit while the remaining amount will be CIDCO's internal accruals, the release said.