Mumbai Metro to be operational this financial year: Ambani
The Metro service in India's commercial capital will commence this fiscal with the completion of more than 95% of its civil construction, Reliance Infrastructure chairman Anil Ambani said in Mumbai today.mumbai Updated: Sep 04, 2012 19:47 IST
The Metro service in India's commercial capital will commence this fiscal with the completion of more than 95% of its civil construction, Reliance Infrastructure chairman Anil Ambani said in Mumbai on Tuesday.
Addressing the annual general meeting of the company, he said 700,000 passengers will be able to travel in Mumbai Metro, cutting the commute time from what it takes 90 minutes now with the existing modes of travel to under 20 minutes.
He said there was a huge growth opportunity in infrastructure, with Prime Minister Manmohan Singh announcing $1 trillion investment in ongoing 12th five year plan, of which 60% is expected to come from private players.
He said Reliance Infra had now become one of India's leading power engineering players, with a turnover of Rs. 11,700 crore in 2011, implementing 13 projects - seven in power and six in roads.
The company, he added, had also become the largest private power distributor, delivering over 5,000 MW to 5.7 million customers in Mumbai and Delhi. The license in Mumbai, he added, had now been renewed till 2036 to serve 2.8 million residents.
He said in Delhi, the transmission and distribution losses, which were at an alarming 55%, had been cut to less than 18%, resulting in a saving of Rs. 30,000 crore to state government.
The company's shares ended the day 1.36% higher at Rs. 446.35, after touching a high of Rs. 448 in the interim.