DMRC for 60% FI funding for Kochi Metro

Thiruvananthapuram, July 31 | Updated: Aug 1 2005, 06:28am hrs
Delhi Metro Rail Corporation (DMRC) has mooted 60% funds from financial institutions for Rs 2,020-crore Kochi metro in its DPR (detailed project report) submitted to Kerala government last week. Unlike the 26% state government equity in Cochin International Airport (CIAL)), countrys first greenfield airport, Kochi Metros DPR earmarks only 20% stakes for Kerala government.

In a self-model of the Rs 4,860-crore DMRC, Kochi Metro is proposed to have equal (20:20) participation of state and Central governments. As much as 56% of the project cost of DMRC is funded through a 30-year super-soft loan from JBIC (Japan Bank for International Co-operation) with 10-year moratorium. Kerala government already has a loan interface with JBIC through a Rs 1754-crore drinking water project.

Kerala chief minister Oommen Chandy has asked for a detailed presentation of the project next week, sources told FE. DMRC, signed up on Rs 75-lakh fee to submit the DPR in three months, has already overstretched the deadline by two months.

As much as 25 km out of the 27 km long rail route for Kochi would not be touching the terrain. In an elevated model, the land acquisition requirements would be minimal, DMRC sources said. This means that in the four-year project, after completing the Phase I in nine months, Kochi Metro could be thrown open to the public.

From Aluva 20 km north of Kochi, it would cover the busiest business sections of the city to stretch to Tripunithura in the south. Topography surveys, underground soil testing and traffic surveys had been done for the report. The report recommends metro rail station at each kilometer. As the state with the highest motor-density, Kerala had been famished for a public transport system with least pressure on land.