Cabinet gives nod to Nagpur Metro Rail Project
"These corridors are the North-South Corridor covering approximately 19.65 kms from Automotive Square to MIHAN and the East-West Corridor covering approximately 18.55 kms from Prajapati Nagar to Lokmanya Nagar. The total project cost is Rs.8,680 crore, with Government of India contributing Rs 1,555 crore in the form of equity and subordinate debt," read a government statement.
The project shall be implemented by the Nagpur Metro Rail Corporation Ltd. which will be set up as a 50:50 jointly owned company of the Government of India and the Government of Maharashtra.
The company will have 10 nominee Directors on its Board.
"These would be five nominees of the Government of India and five nominees of the Government of Maharashtra. The Secretary, Urban Development, Government of India will be the Chairman and the Managing Director will be nominated by the Government of Maharashtra," read the statement.
"The proposed two alignments are expected to provide much needed connectivity to commuters and would traverse through some of the densest and traffic congested areas of Nagpur. The alignments are also expected to bring connectivity to the upcoming MIHAN project with the Special Economic Zone (SEZ), educational institutions and logistic hubs in the city," it said.
"The two corridors, together, will also bring about a total transformation in the city`s urban transportation scenario by considerably reducing traffic congestion and bringing in a fast, comfortable, safe and affordable mass transportation system for the people of Nagpur. This in turn will contribute to further development and prosperity of the area. The development and prosperity of Nagpur will also contribute to the prosperity and development of the nation," read the statement.
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