The Centre approved the Hinjewadi-Shivajinagar Metro corridor on public private partnership basis and sanctioned Rs 1,300 crore as a part of the viability gap funding, on Wednesday. The 23.3km Hinjewadi-Shivajinagar stretch would be the 3rd Metro corridor in Pune. It is expected to cost Rs 8,313 crore.
More Information:
In the first week of January, the state government had approved the proposal for the Metro stretch.
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to the new Metro policy 2017, the project was awaiting the Centre’s 20% viability-gap funding of Rs 1,300 crore.
The state is supposed to generate Rs 812 crore.
Funds-
Pune Metropolitan Region Development Authority (PMRDA) commissioner Kiran Gitte, said,“The central government’s approval and fund allocation has put the project on track and we should finalize the tendering process and decide the bidder for the project in the coming two months and sign the agreement thereafter.”
The successful bidder will have to bring in 60% funding for the project — 30% in equity and 70% in debt.
With the central government sanctioning funds, things would be on track and all approvals will be speeded up, Gitte said.
About The Project:
Works on Hinjewadi-Shivajinagar stretch is expected to be carried out in phases.
The first phase, between Hinjewadi & Balewadi, will be completed by April 2019 and the 2nd phase, between Balewadi & Shivajinagar, will be completed by 2021.
PMRDA has shortlisted 3 companies, who could bid for the project —
Tata Realty Siemens
IRB in consortium with Chinese and Malaysian companies
ILFS
With the clearance from the central government, the bid should take place by June.