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.

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..