The much-anticipated Navi Mumbai Metro Line 01 has achieved the financial closure.
The project in the satellite township of Navi Mumbai is being executed by the City and Industrial Development Corporation of Maharashtra (CIDCO).
The CIDCO has secured a fund-based Line of Credit (LOC) worth Rs 500 crore from the ICICI Bank to execute the metro project.
This financing is expected to help in speeding up the ongoing project. The project is fully funded by CIDCO and no government guarantee has been taken to bankroll the project.
Navi Mumbai has been developed as a planned city, a counter magnet for Mumbai. It has been developed as an independent, fully self-contained metro city, being served by the Navi Mumbai Metro rail.
The Navi Mumbai Metro Line 01 stretches from Belapur to Pendhar and consists of 11 stations, a depot for maintenance at Taloja and two traction sub-stations at Panchanand and Kharghar.
The first phase of Line 01 between Central Park and Pendhar for a stretch of 5.14-km was scheduled to be operational from 15 August 2022, but is awaiting the nod from authorities despite having all permissions in place.