Chennai: In the state budget for the FY 2020-21, the Tamil Nadu government has allocated sum of Rs 3,100 crore for the second phase of Chennai Metro Rail project as share capital assistance, subordinate debt and pass through loan assistance.
- The second phase of the Chennai Metro Rail project will cover a total length of 118.9 km.
- The state government has also requested the Union Government to provide around 50% equity share capital, in line with the phase one of the Chennai metro project.
- In last year’s budget, the government had allocated Rs 2,681 crore for the second phase in the form of share capital and debt.
- The Japanese funding agency, JICA is also supporting the construction of 52 km-long metro stretch – Madhavaram to Shollinganallur and Madhavaram to Chennai Mofussil Bus Terminal (CMBT).
- Apart from the JICA, the State government has also collaborated with Asian Development Bank (ADB), Asian Infrastructure and Investment Bank (AIIB) and New Development Bank (NDB) for the funding of different phases of construction.
- The detailed designs of the project are ready, and construction work will begin shortly, as per the officials.
Image Courtesy – Ramaswamy G N