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Metro Phase-II will be 'central' project, union govt to fund 65% of ₹63,246 crore, says finance ministry
The New Indian Express
|October 06, 2024
THE union government will fund 65% of the estimated cost of ₹63,246 crore of the Chennai Metro Phase-II project, which will add up to over 41,000 crore, the finance ministry said on Saturday.
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This will include the entire required loan of 33,593 crore, besides the equity and subordinate debt of 7,425 crore. The balance 35% or ₹22,000 crore of the estimated cost will be financed by the state government.
The nomenclature of the project has now been changed to 'central sector' project from 'state sector' project as per the request of the Tamil Nadu government, a release from the finance ministry said on Saturday.
The loans taken from multilateral and bilateral develop ment agencies will be treated as loans to the union government and will be provided directly to the Chennai Metro Rail Limited (CMRL) from the union budget, the release said.
This story is from the October 06, 2024 edition of The New Indian Express.
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