CIDCO gets financial closure for Navi Mumbai metro line

06 Dec 2022 CW Team

The City and Industrial Development Corporation (CIDCO), the Maharashtra government’s town planning and infrastructure development authority, has achieved financial closure for its metro project in Navi Mumbai by securing a line of credit worth Rs 5 billion from ICICI Bank.

The Navi Mumbai Metro Line-1 project is a three-coach metro train. The length of the Belapur-Pendhar Line-1 is 11.1 km and it comprises 11 stations. The viaduct for this project is completed and out of the 11 stations, five are ready to be commissioned. All necessary clearances have been obtained for this line. Work on the remaining six stations is in full swing and the complete line is expected to be commissioned soon.

“Due to Rs 500 crore line of credit facility from ICICI Bank, works of Line No. 1 will be expedited and it will be possible to travel on this line as soon as the works are completed within the scheduled time. The line of credit sanctioned has in a way put a stamp on the credibility of CIDCO's projects,” said Sanjay Mukherjee, vice chairman and managing director, CIDCO.

The estimated cost for the Metro Line-1 is Rs 34 billion, out of which Rs 26 billion are already infused by CIDCO, Rs 5 billion will come from the bank line of credit, and the remaining will be from CIDCO’s internal accruals.

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