Nearly Rs 26.81 billion has been reportedly sanctioned for the Chennai Metro Rail Project as share capitals and debt. The Japan International Cooperation Agency has reportedly approved Rs 201.96 billion to build the priority corridor of 52.01 km from Madhavaram to Sholinganallur, and Madhavaram to CMBT.
Reportedly, CMRL has already started with soil test and detailed design for the priority corridor. The tenders for the construction of the project are expected to begin by mid 2019, while the funding arrangements for other stretches are in progress. Once completion of the Phase-II of Chennai Metro Rail Project, the metro rail network in the Chennai metropolitan area would reportedly increase to 172.91 km.
At present, CMRL is in talks with four international banks to fund the construction of the remaining portion of CMBT-Sholinganallur, Sholinganallur-Siruseri SIPCOT, and Lighthouse-Poonamallee. The stretch covers 66.8 km. The Phase-I extension covering a length of 9 km up to Tiruvottriyur is expected to be commissioned by June 2020.