Kochi metro set to begin Phase I execution

Kochi Metro Rail Ltd (KMRL) and Delhi Metro Rail Corporation (DMRC) on Thursday entered into an agreement for the execution of Phase 1 of the Rs 5,118-crore metro project.

The agreement was signed by KMRL managing director Elias George and DMRC managing director Mangu Singh in New Delhi.

Under the agreeement, KMRL would act as project owner-and-client, whereas DMRC would be the executing agency. Finalisation of funding strategy and certain key technical aspects is expected to be decided on KMRL board meeting on May 24, said a KMRL press release.

In the first phase, DMRC in consultation with KMRL, would invite tenders for works totalling more than Rs 10 crore. KMRL would recruit and depute up to 30 per cent of the required project execution staff to the DMRC's project execution team, working under the administrative and technical control of DMRC.

The board would decide on the metro's budget requirements for 2013-14 and the tripartite MoU to be signed between the Centre, Kerala government and KMRL. It is expected to approve appointment of Ved Mani Tiwari as director (system), responsible for rolling stock, signalling aspects.

The project is being funded from a mix of domestic and foreign loans. Both Japan International Co-operation Agency and French's Agence Française de Developement (AFD) have committed to extend long-term loans to the project.