Chennai Metro Rail Limited (CMRL) is seeking a ?150 crore loan to purchase ticketing gates for a section of its phase II project, abandoning a public-private partnership plan. The project with an estimated cost of ?61,843 crore will receive financial assistance from various sources, including Japanese International Cooperation Agency (JICA), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). Construction is underway for the 116-km phase II project in different parts of Chennai.
Chennai Metro Rail Limited (CMRL) has decided to borrow ?150 crore to buy ticketing gates for a part of their phase II project. They need this money to purchase automatic fare collection (AFC) gates, which are the gates you go through to pay for your metro ride. They need these gates for the stretch of the metro line from CMBT to Sholinganallur (part of corridor 5) and from Sholinganallur to SIPCOT (part of corridor 3).
Initially, CMRL had planned to get trains and AFC gates for some parts of the project through a partnership with private companies. However, they changed their minds after studying how metro rail systems work in other cities and found that this approach wouldn't work well for them. The total estimated cost of the phase II project is ?61,843 crore.
CMRL will also receive financial help from various banks besides the money from the state government. They will get a loan of ?20,196 crore from the Japanese International Cooperation Agency (JICA), $780 million from the Asian Development Bank (ADB), and $356.67 million from the Asian Infrastructure Investment Bank (AIIB). CMRL has also asked for some funds from the central government, and they are waiting for approval.
Construction work for the 116-km phase II project is actively taking place in different parts of Chennai and they plan to start work in more areas in the coming months. This means that Chennai's metro system is growing and improving to make it easier for people to get around the city.
Chennai Metro Rail Limited (CMRL) is a prominent transportation infrastructure project that has significantly transformed the urban mobility landscape in the city of Chennai, India. Established in 2007 as a joint venture between the Government of India and the Government of Tamil Nadu, CMRL was conceived to address the growing traffic congestion and provide a sustainable and efficient public transportation system for the city's residents.
Chennai Metro Rail Limited has played a pivotal role in enhancing the public transportation system in Chennai. Its efficient and eco-friendly metro rail network has not only alleviated traffic congestion but has also contributed to the city's overall development and quality of life for its residents. As Chennai continues to grow, CMRL's ongoing expansion projects will likely play a crucial role in meeting the city's evolving transportation needs.
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