New Delhi, Aug 17 (FN Agency) In view of the Assembly election in Maharashtra this year, the Government on Friday approved the Thane Integral Ring Metro Rail Project corridor in the state. The 29-km corridor will run along the periphery of west side of Thane city with 22 Stations at an estimated cost of Rs 12,200.10 crore. The project cost will be funded with equal equity from Government of India and Government of Maharashtra as well as part-funding from bilateral agencies, an official statement said after the meeting chaired by the Prime Minister Narendra Modi. Funds would also be raised through innovative financing methods such as by selling Station naming and access rights for corporate, monetization of assets, Value Capture Financing route.
The corridor that connects major business hubs would provide an effective transport option for large section of employees. The Project is likely to be completed by 2029. More importantly, the Metro line would benefit thousands of daily commuters, especially students and those commuting every day to office and work area by providing faster and economical transport options. The project would result in total daily ridership on the metro corridors for the years 2029, 2035 and 2045 by 6.47 Lakh, 7.61 lakh & 8.72 lakh passengers respectively. Maha Metro will execute the project, along with civil, electromechanical, other associated facilities, works and related assets. Maha-Metro has already started the pre-bid activities and preparation of Tender documents. The contracts will be floated immediately for bidding, the statement said.