Pune Metro Line III receives Rs 4.1 bn funding boost from central govt
RAILWAYS & METRO RAIL

Pune Metro Line III receives Rs 4.1 bn funding boost from central govt

The first installment of viability gap funding (VGF) for the Pune Metro Line III project, amounting to Rs 4.1 billion, has been released by the Central government. This funding is part of the total VGF of Rs 12.248 billion allocated for the project, which is being constructed by a consortium of Tata and Siemens.

The Pune Metropolitan Region Development Authority (PMRDA) is overseeing the development of this 23.203 km-long elevated Metro line, connecting the prominent IT hub of Hinjewadi with the central business district of Shivajinagar. The project, estimated to cost Rs 83.13 billion, will feature 23 stations along the way, connecting key areas such as Baner Road, Balewadi, Aundh, and Pune University.

In 2018, the state government approved the project to be executed under a Public Private Partnership (PPP) model, based on a design, build, finance, operate, and transfer (DBFOT) framework, allowing for a 35-year concession period extendable by 25 years.

Following this approval, in September 2019, a consortium comprising TRIL Urban Transport (a unit of Tata Realty and Infrastructure) and Siemens Project Ventures GmbH was awarded the project. This consortium, the sole bidder, established a special purpose vehicle named Pune IT City Metro Rail (PITCMRL) to carry out the project.

Of the total VGF sought by the Tata-Siemens consortium, the Central government will contribute Rs 12.248 billion as a grant, while the remaining Rs 11.262 billion will be funded by the Maharashtra government.

Construction work commenced in December 2021, and the project is slated for completion within 40 months, with operational readiness expected by March 2025.

The first installment of viability gap funding (VGF) for the Pune Metro Line III project, amounting to Rs 4.1 billion, has been released by the Central government. This funding is part of the total VGF of Rs 12.248 billion allocated for the project, which is being constructed by a consortium of Tata and Siemens. The Pune Metropolitan Region Development Authority (PMRDA) is overseeing the development of this 23.203 km-long elevated Metro line, connecting the prominent IT hub of Hinjewadi with the central business district of Shivajinagar. The project, estimated to cost Rs 83.13 billion, will feature 23 stations along the way, connecting key areas such as Baner Road, Balewadi, Aundh, and Pune University. In 2018, the state government approved the project to be executed under a Public Private Partnership (PPP) model, based on a design, build, finance, operate, and transfer (DBFOT) framework, allowing for a 35-year concession period extendable by 25 years. Following this approval, in September 2019, a consortium comprising TRIL Urban Transport (a unit of Tata Realty and Infrastructure) and Siemens Project Ventures GmbH was awarded the project. This consortium, the sole bidder, established a special purpose vehicle named Pune IT City Metro Rail (PITCMRL) to carry out the project. Of the total VGF sought by the Tata-Siemens consortium, the Central government will contribute Rs 12.248 billion as a grant, while the remaining Rs 11.262 billion will be funded by the Maharashtra government. Construction work commenced in December 2021, and the project is slated for completion within 40 months, with operational readiness expected by March 2025.

Next Story
Infrastructure Transport

Tiruvallur Begins Full Audit of Accident-Prone Roads

Tiruvallur, a fast-growing logistics and residential hub on Chennai’s northwestern edge, has begun a comprehensive audit of fatal and non-fatal road accidents across the district.Special task forces made up of transport, police, and revenue officials have started field investigations at high-risk locations such as Red Hills, Poonamallee, and Tiruvallur town.The initiative follows an alarming 188 road crashes, including 49 fatalities, reported in February alone. Tiruvallur Collector M. Prathap has directed officials to analyse five years’ worth of crash data to assess if road design flaws o..

Next Story
Infrastructure Urban

Modi Hands Over 51K Job Letters, Urges Youth to Drive Growth

Prime Minister Narendra Modi on Monday distributed over 51,000 appointment letters to newly recruited youth in various government departments and organisations, addressing them via videoconferencing during the Rozgar Mela.Speaking to the gathering, Modi said today marks the beginning of new responsibilities for the recruits. He urged them to strengthen India’s economy, boost internal security, help build modern infrastructure, and bring meaningful change to people's lives. The sincerity with which they perform their duties, he said, would directly impact India’s journey towards becoming a ..

Next Story
Infrastructure Urban

NICDC Wins Udyog Vikas Award for Driving Industrial Growth

The National Industrial Corridor Development Corporation (NICDC) received the Udyog Vikas Award at an event organised by Janmabhumi Daily, a leading Kerala-based news outlet. Minister of State for Heavy Industries, Public Enterprises, and Steel, Bhupathi Raju Srinivasa Varma, attended the event and reaffirmed the Union Government’s commitment to building next-generation Greenfield Industrial Smart Cities nationwide.During his address, Varma praised the Integrated Manufacturing Cluster (IMC) at Palakkad, calling it a gamechanger for Kerala’s industrial and infrastructure landscape. He said ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?