Government approves Ahmedabad Metro Rail project phase-1
The Union Cabinet has given its approval to grant financial assistance to the Ahmedabad Metro Rail Project.
The Cabinet has granted its approval for the Rs. 10,773 cr project to build Phase I of the Ahmedabad Metro Rail project.
Phase I of the metro rail
Phase I of the rail project covers a 35.96 km long route along two corridors, namely, the North-South Corridor covering 15.42 km from APMC to Motera Stadium and East-West Corridor covering 20.54 km from Thaltej Gam to Vastral Gam.
Role of the Central Government
While the total project cost is Rs.10,773 cr, the Central government will contribute Rs. 1,990 cr in the form of equity and subordinate debt.
Implementation of the project
The project will be implemented by the Metro-Link Express for Gandhinagar and Ahmedabad (MEGA) Company Ltd., which will now be converted into a 50:50 jointly owned company of the Central government and state government of of Gujarat.
The project will be covered under the legal framework of the Metro Railways (Construction of Works) Act, 1978; the Metro Railways (Operation and Maintenance) Act, 2002; and the Railways Act, 1989.
Categories: Business & Economy Current Affairs 2018