PUNE: The Centre has provided funds of ₹410 crore for the Maan-Hinjewadi to Shivajinagar metro Line 3 project being executed by Pune Metropolitan Region Development Authority (PMRDA). The state government had given its permission on February 9, 2018 for the execution of the project on PPP basis.
A SPV Pune IT City Metro Rail Ltd. has been formed for implementation of the project. An agreement to this effect was signed on September 21, 2019 and the project is progressing smoothly.
The project is being implemented on PPP basis. Funds of
₹1, 225 crore are expected from the Centre for the project as Viability Gap Funding. The concessionaire of the project, Pune IT City Metro Rail Ltd, has made 100 per cent equity investment. The bank is providing loans accordingly.
A proposal seeking funds of ₹410 crore of ₹1,225 crore had been submitted to the Finance Ministry by PMRDA. The funds were granted following a follow-up by PMRDA Commissioner Rahul Mahiwal and Chief Engineer Rinaz Pathan.
Because of the availability of funds, the project would be speeded up and would help in early competition of the project, Mahiwal said.
