Bids for Mumbai Metro-III line likely this week

Construction likely to begin in April, line to be operational by 2020-21

State-run Mumbai Metro Rail Corporation (MMRC) will invite bids for the 32.5-km, Rs 23,136-crore Mumbai Metro Phase-III project between Cuffe Parade in South Mumbai and Santacruz Electronics Export Processing Zone at Andheri.

MMRC, a joint venture between the state government and the Centre, is hopeful the construction on the proposed underground line will begin from April 2015 and it will be commissioned in 2020-2021.

Further, MMRC will soon select the bidder for the detailed design and construction of underground stations and associated tunnels on the Mumbai Metro-III line.

A state government official told Business Standard that MMRC would float bids within a week. The project, whose foundation stone was laid in August, will be financed by the Maharashtra government, the Centre and the Japan International Cooperation Agency (JICA), the official said, adding the Centre’s share in the form of equity and debt will be Rs 3,428 crore, while Rs 4,017 crore will be borne by the state government. JICA's share will be in the form of a soft loan of Rs 13,325 crore.

“JICA has recently signed a loan agreement with the Government of India, for providing the first tranche of 71,000 million yen (Rs 4,553 crore). The loan carries a concessional interest rate of 1.4 per cent to be repaid in 30 years, including a 10-year moratorium period. The construction will begin by April next year,” the official noted.

The Mumbai Metro-III will have 26 underground stations and the civil works are divided in seven contract packages, he added.

MMRC's move comes close on the heels of approval given last week by the Mumbai Metropolitan Region Development Authority's board for the 40-km Dahisar-Charkop-Bandra-Mankhurd line (Rs 25,605 crore) and a 32-km Wadala-Ghatkopar-Thane-Kasarvadavali corridor (Rs 19,097 crore). These projects will also be implemented by MMRC and commissioned by 2020-21.

In June, the Mumbai Metro-I project, 11.4-km Versova-Andheri-Ghatkopar east-west corridor, with 12 elevated stations, became operational.