A loan agreement between Japan International Cooperation Agency (JICA) and the Indian government is likely to be signed in a fortnight to formalise funding of the third metro rail for Mumbai between Colaba-Bandra-SEEPZ.
Formalities and discussions between the government and the Japanese funding agency have reached the final stages and “an important announcement is likely to be made shortly concerning the Mumbai Metro project”.
The 32-km-long third corridor will be entirely underground. Once the memorandum of understanding is inked by the department of economic affairs, the next step will be appoint a project management consultant for the project.
The consultant will review the entire project including the technical work done by earlier consultant -- the topographical surveys, geo-technical investigations, utility mapping, building condition surveys, traffic diversion plans, station designs, preliminary tunnel designs, car depot designs, etc.
Two and half months after the Centre's approval, the state-run Mumbai Metro Rail Corporation (MMRC) has invited bids for the pre-qualification of bidders for detailed design and construction of underground stations and associated tunnels for the 32.5 km Cuffe Parade-Bandra-Santacruz Electronics Export Processing Zone (SEEPZ) metro line III. The project envisages investment of Rs 23,136 crore.
Mumbai Metro line III will run from Cuffe Parade station in the south Mumbai to SEEPZ in the north with 26 underground stations. The civil works are divided in seven contract packages. Bidders are expected to submit their bids by October 30.
MMRC's tender is notwithstanding the delays in the commencement of 3 km Versova to Azad Nagar stretch of the Mumbai metro I and uncertainty over the 32 km Mumbai metro II project between Charkop-Bandra-Mankhurd. Chief Minister Prithviraj Chavan has recently announced that considering the past experience the government mulls the implementation of metro line III project through engineering procurement construction EPC) model and not based on build operate transfer (BOT).
Chavan had informed that Japan International Cooperation Agency has expressed desire to provide loan for the Mumbai metro III project. The proceeds of the proposed loan will be applied to eligible payments under the contract resulting from the tendering.
The Centre in its approval for the project given on June 28 estimated that the Mumbai Metro III project is scheduled to be completed in six years by March 2019 from the date of start of work in the financial year 2013-14. The Centre had also given its nod for the conversion of MMRC into a joint venture company of the Government of India (GoI) and Government of Maharashtra (GoM), with equity participation on 50:50 basis.
MMRC is the agency which would be implementing the line three metro corridor. The joint ownership company will continue to be named as MMRC and has been created on a similar pattern as the Delhi Metro, Bangalore Metro, Chennai Metro and Kochi Metro.
The promoters of MMRC, the Government of India and the Maharashtra government would nominate five Directors each to the Board of Directors of the SPV, which shall have 10 nominee Directors. The Secretary, Ministry of Urban Development will be the ex-officio Chairman of the Board, the statement said.
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