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Noida: Centre, NMRC may sign MOU on Metro project in January

The NMRC was formed in November 2014 with a capital of Rs1,000 crore to build and maintain Metro projects in Uttar Pradesh, on the lines of the Delhi Metro Rail Corporation (DMRC).

noida Updated: Jan 01, 2018 22:05 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
NMRC,Metro project,Delhi Metro Rail Corporation
NMRC, in its 14th board meeting held on December 30, approved a proposal for signing the MoU.(HT File)

The Noida Metro Rail Corporation (NMRC), Uttar Pradesh government and Union Ministry of Housing and Urban Affairs are expected to sign a Memorandum of Understanding (MoU) for 30km Noida-Greater Metro project in the first week of January, officials said on Sunday.

On signing the MoU, NMRC will be eligible for financial assistance from the Centre for projects in Noida, Greater Noida and Yamuna Expressway areas.

NMRC, in its 14th board meeting held on December 30, approved a proposal for signing the MoU. Alok Tandon, the managing director of NMRC, held the board meeting and approved the proposal. In February 2016, NMRC had requested the Union ministry of housing and urban affairs to accept a 50% stake in the company through signing an MoU.

“The ministry of housing and urban affairs has given its approval for the project and sent a draft of the MoU for signing purpose. Now, we have sent the draft to the UP chief secretary for signing. Subsequently, it will be signed by the secretary to the Government of India. We hope the MoU will be signed in the first week of January. We will be able to get Rs300 crore fund in the current financial year for the project,” PD Upadhyay, general manager of NMRC, said.

The NMRC was formed in November 2014 with a capital of Rs1,000 crore to build and maintain Metro projects in Uttar Pradesh, on the lines of the Delhi Metro Rail Corporation (DMRC).

As per the proposal, the Centre will have a 50% equity in the NMRC, but it will be bound to provide only 20% funds for each Metro project undertaken by the NMRC.

After getting a stake, the Centre will also be eligible to appoint officials to the NMRC.

“Centre’s stake in NMRC will boost the under-construction 30-km Noida-Greater Noida Metro project and also fast-track other proposed Metro projects in Noida and Greater Noida. Now, NMRC will not only depend on Noida or Greater Noida for funds for new Metro projects. Centre will take care of the funds for the Metro projects once the MoU is signed,” an NMRC official said.

First Published: Jan 01, 2018 22:05 IST