Noida Metro sends MoU draft to UP for approval to get Centre’s funds
The Noida Metro Rail Corporation (NMRC) needs the UP government’s approval before the Central government gives fundsnoida Updated: Jul 05, 2017 10:50 IST
The Noida Metro Rail Corporation (NMRC) has prepared a draft memorandum of understanding (MoU) and sent to the Uttar Pradesh government for approval before the Central government starts rolling out funds for the 30km Noida-Greater Noida Metro link.
The Central government approved the Metro project on May 24 this year and promised to invest Rs970.62 crore “in equity and subordinate debt”.
“We have drafted the terms and conditions of the MoU in light of the Centre’s guidelines approved on May 24. We are sending the draft to the UP government’s industrial department for necessary approvals,” Keshav Kumar, executive director of the NMRC, said.
A tripartite MoU among NMRC, UP and the Centre will be signed once the agreement is approved for the Metro line which is estimated to have a ridership of 1.2 lakh a day and that will rise to 4 lakh by 2031.
“After signing the MoU, the Centre will start releasing funds for the project. All the technical hiccups are resolved and the project will now smoothly get funds from the union ministry of urban development,” an NMRC official said.
Aiming to develop the ambitious Noida-Greater Noida Metro link, the Noida authority on November 8, 2014, formed NMRC — a special purpose vehicle. The Rs5,400 crore project is expected to be operational by April 2018.
The NMRC had sought financial participation from the Centre. The National Capital Planning Region Board (NCPRB) in January last year agreed to give a loan assistance of Rs1,587 crore for this project.
“We are getting Rs970.62 crore from the union ministry of urban development and Rs1,587 crore from NCRPB. Two authorities have arranged remaining funds for this project, which will cater to several apartment complexes located along this route,” said the official.
The Noida-Greater Noida corridor will be linked with the upcoming Noida City Centre to Sector 62 corridor. A foot overbridge will connect Sector 52 metro station on the Noida City Centre to Sector 62 corridor with Sector 71 Metro station on the Noida-Greater Noida corridor.
After completing the construction of 29.7km metro corridor from Noida to Greater Noida, DMRC will also handle the operations of this line for five years. The 21 metro stations will have hi-tech escalators, stairs, lifts and separate entry/exit for physically challenged people. The NMRC will procure 11 sets of trains having four coaches each.