Chennai Metro Rail Limited will seek a loan of ₹150 crore for ticketing gates for parts of phase II project
The Hindu
CMRL seeks ₹150 crore loan to purchase ticketing gates for phase II project. Funds for stretch from CMBT to Sholinganallur & Sholinganallur to SIPCOT. Cost of phase II project is ₹61,843 crore. Financial assistance from JICA, AIIB & ADB. Centre funds also sought. Construction for 116-km phase II project in full swing, more to begin soon.
Chennai Metro Rail Limited (CMRL) has decided to seek a loan of ₹150 crore to purchase ticketing gates for a section of the phase II project.
According to CMRL officials, they require funds for installing automatic fare collection (AFC) gates or ticketing gates for a part of the phase II project. They will need a loan to procure these gates for the stretch from CMBT to Sholinganallur, a part of corridor 5, and Sholinganallur to SIPCOT, a section of corridor 3. “We have floated bids for funds. The need arose because we had earlier planned to get trains and AFC gates for selected stretches through public-private partnership model. But we found it unfeasible after studying other cities’ metro rail systems and decided to drop the idea,” an official said.
The estimated cost of the phase II project is ₹61,843 crore, and apart from the State government funds, the project will get financial assistance from banks, including Japanese International Cooperation Agency (JICA), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB).
From JICA, CMRL will receive as loan of ₹20,196 crore, while ADB will offer a financial assistance of $780 million. AIIB also approved a loan request of $356.67 million for the phase II project. CMRL has also sought some funds for the project from the Centre and is awaiting approval.
Construction for the 116-km phase II project has been in full swing in different parts of Chennai, and work in some more areas is set to begin in the coming months.
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