The Maharashtra state government has finally decided to go ahead with metro rail development in Pune. Besides 50% of the total project finances from the state, Centre and the local bodies, the state will raise the remaining half of the project amount through loans. This is a similar model of development which was suggested by the country’s metro man and former director of Delhi Metro, E Sreedharan, several years ago for the Mumbai projects.
“For Pune’s two metro lines — 16.59 km Pimpri-Chinchwad to Swargate and 15 km Vanaz to Ramwadi — the state will form a special purpose vehicle (SPV) with equity partnership of state, Centre and local corporations to build the metro,” chief minister Prithviraj Chavan told reporters soon after the cabinet meeting approved it at the Sahyadri guesthouse.
Under this model, the state and the Centre will share 20% of the funds each and Pune and Pimpri-Chinchwad municipal corporations will share 10% each. The remaining 50% would be raised through lenders and bankers. The cost of the first line is pegged at Rs 6,960 crore and Rs 3,223 crore for the second, thus taking the entire project to over Rs 10,000 crore.
Sreedharan had advised the state government to go for a banker who could extend a loan at cheaper rates instead of going in for private partnership model like the ongoing Versova-Andheri-Ghatkopar metro line, which is due for commissioning by the end of current fiscal.
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