Central Government approves Pimpri – Nigdi metro route; allocates over Rs 910 crores

Central Government approves Pimpri - Nigdi metro route; allocates over Rs 910 crores

Central Government approves Pimpri - Nigdi metro route; allocates over Rs 910 crores

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By: Pune Pulse

October 23, 2023

Pune: The Ministry of Housing and Urban Affairs (MoHUA) has approved the construction of the Metro Project route between PCMC and Nigdi for Rs 910 crores.

As per further information from the Ministry of Housing and Urban Affairs (MoHUA) approval letter accessed by Pune Pulse, the Government of India (Gol) has approved the implementation of PCMC – Nigdi Project (extension of corridor-1 of Pune Metro Phase- 1) covering a length of 4.413 km at a completion cost of Rs 910.18 crores by Maharashtra Metro Rail Corporation Limited (Maha Metro) with contribution of the Government of India. The project will be completed in three years and three months from the date of sanction of the project.

Maha Metro shall function as a ‘Special Purpose Vehicle’ (SPV) for the implementation of the project which shall be jointly and equally owned by the Government of India (Gol) and the Government of Maharashtra (GoM).

The PCMC – Nigdi Project (Extension of Corridor-1 of Pune Metro Phase-1 will cover 4.413 km with 3 elevated stations.

The costing/financing for the project would be done as below:

ParticularsAmount (Rs in CR)% Share
Grant by GoI67.0210.0%
Grant by PCMC121.97            18.2%
Grant by GoM79.0811.8%
Soft Loan from bilateral/multilateral funding agencies402.1160.0%
Total670.18100.0%
SD for State Taxes, Central Taxes and Duties by GoM90.63 
Contribution by PCMC for Land, R&R, IDC, etc.137.88 
Total898.68 
PPP Component11.50 
Total910.18 

The project will be implemented by the existing ‘Special Purpose Vehicle’ (SPV) namely Maharashtra Metro Rail Corporation Limited (MahaMetro), which is a 50:50 jointly owned company of Gol and GoM. The promoters, the Gol and the state government shall nominate five directors each to the Board of Directors (BoD), totalling 10 nominees directors. 

The ex-officio Chairman of BoD will be among the five nominated directors from Gol. The full-time managing director with adequate administrative experience, will be the nominee of the State government and will be appointed or removed by the BoD only with the prior written permission of Gol. 

The managing director shall not be given any other/additional assignment by the State Government without the prior written permission of Gol. The BoD shall also have functional directors, in addition to the 10 nominee directors.

During the implementation of the project, the existing high-powered committee under the chairmanship of the Chief Secretary to the Government of Maharashtra, with other secretaries concerned as members, will take expeditious decisions on matters relating to land acquisition, shifting of utilities and other structures in project alignment, rehabilitation of project affected persons, multimodal integration and such other matters where the state government has to facilitate quick action including various conditions of sanction of this project.

Shreyas Vange

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