Maharashtra Metro Rail Corporation has received an in-principle nod from the European Investment Bank (EIB) for funding of the extension of the Pune Metro project.
Atul Gadgil, director, Maha Metro, said EIB has expressed interest in funding the two extension projects and it would be contributing around 60% of the project cost. The cost for the extension of the Pune Metro Phase I project is estimated to be `4,511 crore.
Maha Metro is jointly owned by the Central government and the Maharashtra government.
Gadgil said the Centre would be funding 10% of the project, 15% would come from the state government, and the remaining from the civic bodies of Pune and Pimpri Chinchwad.
The 5.464-km extension of the Swargate-Katraj will cost `3,600 crore, while the PCMC-Nigdi extension line will cost `911 crore. The detailed project report (DPR) for this 9.77-km extension of Phase 1 of Pune Metro has been approved by the Maharashtra government and the final approval is awaited from the government of India.
The first phase of the `11,420-crore Pune Metro covers 33.2 km and it has been partly funded by loans of `5,800 crore from AFD (Agence Française de Dévelopement) France and EIB.
Maha Metro has started initial project work on the second phase of Pune Metro with a proposed addition of 87.9 km. The total project cost is estimated at `12,015 crore.
Brijesh Dixit, MD, Maha Metro, said funding for the second phase of the project would not be a problem with international funding agencies expressing their interest.
The DPR for 46 km of the second phase of Pune Metro has already been submitted to the civic body in Pune.