Cabinet nod to unlock Rs 1,000 crore for Noida Metro

NEW DELHI: The Union Cabinet is likely to give its formal approval on Wednesday to the Noida Metro project, which is in the advanced stages of construction and is eyeing a year-end finish. What is significant for the project is that the Cabinet’s stamp will pave the way for the Centre to release its equity of Rs 1,000 crore in the project.

This will also ensure that the project does not run into any financial hurdle in future. Noida Metro Rail Corporation (NMRC) has set a budget of Rs 5,533 crore for the project that will connect Greater Noida with the rest of NCR. The Aqua line, as this corridor has been named, starts at Sector 71 in Noida and will have an interface with the Blue line extension that Delhi Metro is building from Noida City Centre to Sector 62. The special purpose vehicle to execute the Aqua line project was set up in November 2014.

In January, the National Capital Regional Planning Board had approved the release of Rs 1,587 crore as financial aid to the Metro corridor at a subsidised interest rate.

Since the change of government in Uttar Pradesh from the Samajwadi Party to BJP, the Centre has fast-tracked approvals for the corridor, which has already set several records for pace of construction.

Source: ET Realty