Kochi: Final clearance for the much-awaited Rs 5,181 crore Kochi Metro Rail project was expected by this month-end, a top project official said today.
The Cabinet note was being prepared and as soon as Prime Minister Manmohan Singh returns from his foreign tour, the matter would be taken up and the approval was expected by this month-end, Kochi Metro Rail Limited (KMRL) Managing Director Tom Jose told reporters.
All efforts would be made to complete the project in four years and if possible reduce it further.
The logo of the Kochi Metro ‘Comet’ will be released by Chief Minister Oommen Chandy on June 30, he said.
After the Central clearance, Reconstitution of the board would be essential as it is a state owned PSU now and Central Government’s directors will have to come on board.
A tripartite agreement between the Union Government, Kerala Government and Kochi Metro has to be drawn up. This is the model being followed in Delhi, Chennai and Banglore metros.
The Central and state governments would be sharing 15 per cent each of the equity component while 70 per cent would be the debt portion, of which 45 per cent is being contributed by the Japan Investment Cooperation Agency (JICA).
The first phase of the project, a Mass Rapid Transit System (MRTS) running on elevated light rail, covers 25.612 km long Aluva-Petta Corridor which will have 22 stations.
KMRL was also looking into the proposal of linking boat service to Metro rail project in line with the National Transportation Policy which suggests integration of various modules of transportation, he said.
He maintained Delhi Metro Rail Corporation was the project partner and no issues were involved. “It is a team work. We are taking their service in design, tendering, consultancy and expertise,” he said describing DMRC as a
KMRL plans to have a dedicated police force which can handle emergency situations since the Metro was vulnerable to terror attacks. The modalities were being worked out, he said.