City and Industrial Development Corporation (CIDCO)’s Navi Mumbai metro project got a financial backing of Rs 500 crore from ICICI Bank. According to CIDCO, with the sanctioning of this line of credit, the financial closure for the Navi Mumbai Metro Line-1 is complete.
Sanjay Mukherjee, vice-chairman and managing director, CIDCO said, “Due to Rs 500 crore line of credit facility from ICICI Bank, works of Line-1 will be expedited and it will be possible to travel on this line as soon as the works are completed within the scheduled time. The credit has in a way put a stamp on the credibility of CIDCO’s projects.”
The approximate cost for the Navi Mumbai Metro line-1 project is Rs 3,400 crore, of which Rs 2,600 crore has been infused by CIDCO already.
The Navi Mumbai metro is expected to provide internal connectivity in the region and boost the housing market in the satellite city.
Line-1 of the Navi Mumbai metro will start from Belapur and terminate at Pendhar. Covering a distance of 11.10 km, this line will include 11 elevated stations and a terminus at Belapur and a depot-cum-workshop at Taloja metro station.
See also: Nagpur Metro enters Guinness Book of World Records
