CIDCO gets financial closure for Navi Mumbai metro line
RAILWAYS & METRO RAIL

CIDCO gets financial closure for Navi Mumbai metro line

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.

See also:
BHEL-Titagarh, Alstom among 5 bidders for Vande Bharat
MMRC achieves new breakthrough on Metro 3


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. See also: BHEL-Titagarh, Alstom among 5 bidders for Vande BharatMMRC achieves new breakthrough on Metro 3

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code