Maharashtra Chief Minister Devendra Fadnavis and the state’s urban development department (UDD) have finalised funds to the tune of Rs 11,216 crore for the Nagpur Metro Rail Metro phase-II project, reports Metro Rail News.
Fadnavis chaired the meeting wherein viewed the detailed presentation of the Nagpur Metro Phase-II.
The total expenditure of the project, which is to be completed in four years, is Rs 11,216 crore, out of which 60 per cent of the cost would be borne through loans and 20 per cent by state and centre.
Fadnavis said that with the state urban development department having cleared the project, the detailed project report (DPR) has been forwarded to state cabinet for its approval. It is expected to be cleared during its next meeting on 8 January and would be submitted to the Central government for final approval.
The report quoted Maha Metro officials as saying that the state cabinet and the centre could share in the pattern of Rs 7,000 crore through loans and Rs 2,000 crore each from centre and state.
The NMRDA is unable to bear the expenses after have invested in the metro’s initial works.