March 5, 2012 12:48:21 am
The Mumbai International Airport Limited (MIAL) has agreed to chip in for the construction of the Colaba-Bandra-Seepz Metro rail corridor as it promises to vastly enhance connectivity to both the international and domestic airports.
The MIAL,which is managed by a GVK-led consortium,will aid the Mumbai Metropolitan Region Development Authority (MMRDA) by constructing three of the 27 stations closest to the airport on the Metro route the domestic airport station,Sahar road station and international airport station. The MIAL will bear a cost of Rs 777 crore.
MIAL has shown willingness to contribute to the Metro line 3 construction because for passenger convenience this facility is highly desirable specially when other competing airports have such facility, the authority said in a letter to the MMRDA signed by its Chief Executive Officer R K Jain.
The cost of the 33.5-kilometre line has been pegged at Rs 21,000 crore. The line is more expensive than the Versova-Andheri-Ghatkopar and Charkop-Bandra-Mankhurd routes as it is completely underground unlike the other two that are fully elevated.
The third Metro line was originally supposed to run only from Colaba to Bandra and the airports domestic and international terminals were to get Metro access only in the sixth line. In its letter,MIAL has also appreciated the MMRDAs move to merge the two lines and connect the airport terminals to the Metro much earlier.
Its probably the first time that an agency like MIAL has extended help to a civic infrastructure project. The Metro line is going to benefit them as it will improve access to the airport and the arrangement is also good for us financially, an MMRDA official said.
The MIAL will undertake the design and civil construction of the three stations,costing Rs 600 crore,on its own. It will pay the estimated cost of electromechanical equipment of Rs 177 crore in three equal installments over three years.
The MIAL has specified that the commercial rights of all the three stations it constructs will fully rest with the authority. Also,the revenue from any commercial activity on the premises will go to MIAL.
The MMRDA is in the process of finalising a loan from the Japan International Cooperation Agency for 50 per cent of the project cost. The Central and state governments are expected to contribute 15 per cent each,while the rest would be financed through subordinate debt.
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