1. Pune Metro turns to European Investment Bank to raise 600 mn euros for first phase

Pune Metro turns to European Investment Bank to raise 600 mn euros for first phase

Pune Metro Rail will raise 600 million euros from the European Investment Bank to fund the first phase of its Metro project.

By: | Pune | Published: July 4, 2017 9:27 AM
The total estimated cost of the first phase is 845 million euros.

Pune Metro Rail will raise 600 million euros from the European Investment Bank to fund the first phase of its Metro project. The total estimated cost of the first phase is 845 million euros. “The Union ministry of finance has nominated EIB to fund 600 million euros for the first phase of Pune Metro rail. Various options are being considered to raise the remaining 245 million euro. The options being explored are French Development Bank (AFD) and KFW of Germany,” Brijesh Dixit, MD, Maharashtra Metro Rail Corporation (Maha-Metro), which is implementing the Metro project, said. “For the balance 245 million euros, DEA is in talks with AFD and KFW. A decision will be taken soon,” said Dixit.

The 31.2 km Pune Metro will be constructed in two corridors. Corridor one is the route from Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate. The second corridor is between Vanaz to Ramwadi. The project is expected to be completed by December 2021. Maha Metro has started the infrastructure work of Pune Metro in April 2017 for the 10.75-km route from PCMC to Rangehill, Dixit said.

The agency has re-tendered the work for the route from Vanaz to Shivajinagar court after getting high rates during the first tender process, Dixit said. The tenders for construction of stations on the PCMC to Rangehill route would be open on July 16 while the bidding process for the construction of station on Vanaz to Shivajinagar court route would be started soon, he added.

Dixit said Maha Metro has completed the process of seeking land for the Metro project from various authorities and was hopeful of getting them within two months. “There is a challenge for us to construct the underground Metro with proposed stations considering the dense locality in the area. The area has maximum footfall so there cannot be changes proposed in the route so a way has to be found to construct the underground route along with the stations,” Dixit said.

  1. No Comments.

Go to Top