Maharashtra Metro Rail Corporation (Maha Metro) has received an in-principle nod from the European Investment Bank (EIB) for funding the extension of the Pune Metro project. Atul Gadgil, director, Maha Metro, said the EIB had expressed an interest in funding the two extension projects and 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 Rs 4,511 crore.
Maha Metro is a 50:50 jointly-owned company of the Government of India 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 line will cost Rs 3,600 crore, while the PCMC-Nigdi extension line will cost Rs 911 crore. The detailed project report for the 9.77-km extension of Phase 1 of the Pune Metro has been approved by the Maharashtra state government and final approval is awaited from the Centre.
The first phase of the Rs 11,420-crore Pune Metro covers 33.2 km and it has been partly funded by loans of Rs 5,800 crore from AFD (Agence Française de Dévelopement) of France and the EIB.
Maha Metro has started initial project work on the second phase of the Pune Metro with a proposed addition of 87.9 km. The total project cost is estimated at Rs 12,015 crore. Brijesh Dixit, managing director, Maha Metro, said funding for the second phase of the project would not be a problem, with international funding agencies expressing their interest to fund Pune Metro’s Phase-II. The funding pattern would remain the same with 60% of the funding would come from external agencies, while the remaining will be shared between the central and state governments, along with contributions from the civic bodies of Pune and Pimpri Chinchwad, Dixit said. The DPR for 46 km of the second phase of Pune Metro has already been submitted to the civic body in Pune.