CIDCO gets financial closure for Navi Mumbai metro line
RAILWAYS & METRO RAIL

CIDCO gets financial closure for Navi Mumbai metro line

The City and Industrial Development Corporation (CIDCO), the Maharashtra government’s town planning and infrastructure development authority, has achieved financial closure for its metro project in Navi Mumbai by securing a line of credit worth Rs 5 billion from ICICI Bank.

The Navi Mumbai Metro Line-1 project is a three-coach metro train. The length of the Belapur-Pendhar Line-1 is 11.1 km and it comprises 11 stations. The viaduct for this project is completed and out of the 11 stations, five are ready to be commissioned. All necessary clearances have been obtained for this line. Work on the remaining six stations is in full swing and the complete line is expected to be commissioned soon.

“Due to Rs 500 crore line of credit facility from ICICI Bank, works of Line No. 1 will be expedited and it will be possible to travel on this line as soon as the works are completed within the scheduled time. The line of credit sanctioned has in a way put a stamp on the credibility of CIDCO's projects,” said Sanjay Mukherjee, vice chairman and managing director, CIDCO.

The estimated cost for the Metro Line-1 is Rs 34 billion, out of which Rs 26 billion are already infused by CIDCO, Rs 5 billion will come from the bank line of credit, and the remaining will be from CIDCO’s internal accruals.

See also:
BHEL-Titagarh, Alstom among 5 bidders for Vande Bharat
MMRC achieves new breakthrough on Metro 3


The City and Industrial Development Corporation (CIDCO), the Maharashtra government’s town planning and infrastructure development authority, has achieved financial closure for its metro project in Navi Mumbai by securing a line of credit worth Rs 5 billion from ICICI Bank. The Navi Mumbai Metro Line-1 project is a three-coach metro train. The length of the Belapur-Pendhar Line-1 is 11.1 km and it comprises 11 stations. The viaduct for this project is completed and out of the 11 stations, five are ready to be commissioned. All necessary clearances have been obtained for this line. Work on the remaining six stations is in full swing and the complete line is expected to be commissioned soon. “Due to Rs 500 crore line of credit facility from ICICI Bank, works of Line No. 1 will be expedited and it will be possible to travel on this line as soon as the works are completed within the scheduled time. The line of credit sanctioned has in a way put a stamp on the credibility of CIDCO's projects,” said Sanjay Mukherjee, vice chairman and managing director, CIDCO. The estimated cost for the Metro Line-1 is Rs 34 billion, out of which Rs 26 billion are already infused by CIDCO, Rs 5 billion will come from the bank line of credit, and the remaining will be from CIDCO’s internal accruals. See also: BHEL-Titagarh, Alstom among 5 bidders for Vande BharatMMRC achieves new breakthrough on Metro 3

Next Story
Infrastructure Transport

NHAI to Upgrade Tamil Nadu Highways

To reduce congestion on key national highways in Tamil Nadu, the National Highways Authority of India (NHAI) has planned capacity upgrades for at least eight highway stretches. The improvements will include bypasses, flyovers, and four-laning in Salem, Coimbatore, Tiruppur, Nilgiris, and Cuddalore. NHAI has invited tenders to appoint consultants for preparing detailed project reports (DPRs) on these expansions. The affected highways include NH-181, NH-81, NH-532, NH-85, and NH-136. Proposed Upgrades Across Highways - NH-181 (Coimbatore-Gundlupet Route): This stretch will see four bypasses an..

Next Story
Infrastructure Transport

Ludhiana-Bathinda Highway Revived as NHAI Invites Bids

The Ludhiana-Bathinda highway project, initially stalled due to land acquisition issues, has been revived as the National Highways Authority of India (NHAI) invites fresh bids to resume construction. The project, part of the Ludhiana-Ajmer Economic Corridor, is estimated to cost Rs 24.61 billion and will be executed in two phases. Package 1, covering 30.03 km, has a budget of Rs 9.06 billion, while Package 2, spanning 45.25 km, is set to cost Rs 15.55 billion. The NHAI had previously withdrawn the project due to unavailability of land. However, intervention from Union Minister for Road Trans..

Next Story
Infrastructure Urban

Dilip Buildcon Wins Rs 460M Arbitration

Infrastructure major Dilip Buildcon has secured an arbitration award of Rs 460 million against the National Highways Authority of India (NHAI) over delays and breaches during the execution of a highway project in Karnataka. The dispute pertains to the Rehabilitation and Upgradation of the Kerala Border to Kollegala Section of NH 212, awarded to Dilip Buildcon under an Engineering, Procurement, and Construction (EPC) agreement dated June 6, 2014. The project involved two-lane expansion with paved shoulders and four-lane development under the National Highways Development Project (NHDP) Phase IV..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?