Senior officials of the Mumbai Metropolitan Region Development Authority (MMRDA) have got a positive response from the Central government for the financial plan for the Rs 21,000 crore third Metro rail line. Government officials said the meeting in Delhi on Monday went smoothly, though the MMRDA was asked to think of ways to increase commuter traffic on the fully underground line which will stretch from Colaba-Bandra to Seepz. According to the plan, the Japanese International Cooperation Agency will help out with 50% of the debt. The Central and state governments will have an equity stake of 30%, with the Centre taking 14% equity. The rest will be subordinate debt from other sources. The third line of the Metro will be the most important of the total nine lines due to come up in the city. The third Metro line has been under discussion for the last few years, but it was only during the last six months that the plans got some definite shape, with a decision being taken to make it fully underground.
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