The Kerala government intends to park 15% equity (about Rs 450 crore) in the Rs 3,048-crore elevated light rail Kochi Metro PPP to be implemented by Delhi Metro Rail Corporation (DMRC).
State Cabinet, which met here, approved of the equity participation and put it forward to Centre for clearance, Chief Minister VS Achuthanandan told reporters, here.
A new entity under DMRC will be set up for the project, according to the chief minister. By the initial plan, Kochi Metro is to be build in 26-m stretch between Aluva and Tripunithura.
Meanwhile, Punj Lloyd is back in road development project in Kerala captial,the chief minister said.
About 90% of the 42-km roadwork is over. The remaining portion will be completed within three months, he added.
The company has pushed a claim of Rs 105 crore in penalty from the state government, citing delay in getting land acquired and transferred for the project. This will be sent for arbitration, but the road works will get going, the chief minister said.