TN to float SPV for Rs 9,757cr Chennai metro

The Tamil Nadu government has decided to implement the 46.5-km metro rail project at an estimated cost of Rs 9,757 crore through a special purpose vehicle (SPV).
The state cabinet today gave its approval for implementation of the project based on the detailed project report submitted by Delhi Metro Rail Corporation (DMRC), an official statement said.
While the TN government will seek financial assistance and loan from the central government to implement the project, it has also been decided to seek funding from Japan Bank for International Co-operation.
The Chennai Metro Rail project, planned to ease traffic congestion and improve public transport system in the city, will be implemented by Chennai Metro Rail, an SPV to be set up jointly by the central and the state government.
DMRC's report for Chennai metro project envisages creation of two corridors - one from Washermanpet in North Chennai to Meenambakkam airport in the southern part via Egmore, Teynampet and another one from Fort St George in Central Chennai to St Thomas Mount in southern Chennai via Anna Nagar, Vadapalani, Ashok Nagar and Alandur. The total 46.5 km project will comprise 20-km of underground railway line and the rest would be elevated line.
The state cabinet also decided to form a committee headed by chief secretary and members comprising industry secretary, finance secretary and revenue secretary to frame a set of guidelines to be followed while acquiring lands for industrial parks and special economic zones. These guidelines will be debated by a sub-committe of cabinet, to be appointed by the chief minister, and these guidelines along with recommendations of the sub-committee will be placed before the cabinet for approval, the statement added.

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