The Union Cabinet today approved a proposal for transfer of a piece of land belonging to the Geological Survey of India to the Chennai Metro Rail Limited (CMRL) to facilitate completion of Phase-I of the project.
Land at inner Ring Road, Kathipara Junction, Chennai, measuring 2633 sq metres belonging to the GSI under ministry of mines will be given to CMRL for an approximate amount of Rs 11.34 crore, the government said in a statement here.
An agreement will be signed between GSI and CMRL. The works for the Phase-I of the Chennai Metro project are expected to be completed within scheduled time frame which is during the year 2014-15, it said.
The Chennai Metro Rail Project was sanctioned by the Government of India in February, 2009 for a length of 45.046 kms at an estimated completion cost of Rs 14,600 crore.
The project is being implemented by CMRL, which is a joint venture Special Purpose Vehicle of Government of India and Government of Tamil Nadu (GoTN) with equity participation on 50:50 basis.
The project has two corridors, one from Washermanpet to Chennai Airport (23.085 km) and another from Chennai Central to St. Thomas Mount (21.961km).
An MoU had been executed between Government of India, GoTN and CMRL in February, 2011 according to which the cost of land will be borne by the state government as interest free subordinate debt to CMRL, the statement said.