The Uttar Pradesh cabinet on Thursday approved the formation of the Noida Metro Rail Company (NMRC) and a 29-km metro link between Noida City Centre and Greater Noida's Bodaki.
"With the UP cabinet's approval on Thursday, these two important projects have been put on the fast track. Once the Centre approves the proposal to form NMRC, the Noida authority will make it functional very soon. Work on the 29-km metro link is likely to start by March end," Rama Raman, chief executive officer (CEO) of the Noida and Greater Noida authorities told Hindustan Times.
In July, the UP government had given in-principle approval to the metro link and NMRC. The cabinet's official approval had been pending for a long time, said officials.
"The metro link's tentative budget is Rs. 5,000 crore. Both the Centre and the state will have a 50:50% stake. The Noida and Greater Noida authorities will have a 70:30% stake in the both NMRC and the metro link," said Raman.
The state government's approval was key to the early formation of NMRC, which will build the metro link as its first mega project. The Noida Authority also plans to rope in metro man E Sreedharan as an advisor to NMRC. Sreedharan is chief advisor of Delhi Metro Rail Company (DMRC).
The city authorities have already approved a budget of Rs. 1, 000 crore for the NMRC project.
According to sources, the Noida metro may have a different colour scheme, unlike Delhi Metro, said an official.
UP chief minister Akhilesh Yadav is keen to deliver the metro to the people as soon as possible for industrial growth and also as a source of employment and business opportunities, said officials.