RailEnquiry

Besides the Central government’s 15 per cent contribution for the costly Colaba-Bandra-Seepz Metro, the city’s development authority is trying to get more funds from the Centre under a scheme meant to bolster exports.Saying that the Metro will augment connectivity to SEEPZ, which is an exports promotion zone, the Mumbai Metropolitan Region Development Authority (MMRDA) has initiated talks with the Union Ministry of Commerce to seek funding under a scheme ‘Assistance to States for Infrastructure Development of Exports’ (ASIDE).“We are connecting the line to SEEPZ and that entire area will benefit. There hasn’t been a final decision on the matter yet, but there seems no reason why the funds shouldn’t be sanctioned,” said SVR Srinivas, MMRDA Additional Metropolitan Commissioner.“We have sought funds under the scheme as stakeholder contribution to build the last two stations on the line — MIDC and SEEPZ. The cost of constructing these stations should be about Rs 600-700 crore,” Srinivas said. The Metro, which will start from Cuffe Parade, will have a total of 27 stations.Under ASIDE, the Department of Commerce grants funds to state governments for the creation of appropriate infrastructure for the growth of exports. Funds are granted for projects such as construction of export promotion parks, setting up of electronic infrastructure, development of roads to connect to ports, stabilising power supply, development of minor ports and jetties and as equity participation to infrastructure projects.The total cost of the 33.5-kilometre Colaba-Bandra-Seepz line is about Rs 21,000 crore as the corridor would be fully underground as against the 11-kilometre Versova-Andheri-Ghatkopar corridor, which is completely elevated and is being built at a cost of Rs 2,356 crore.The MMRDA has also secured funding from Mumbai International Airport Ltd (MIAL) as stakeholder contribution, saying the line will improve connectivity to the airport. As per the agreement, MIAL will provide for the construction of three stations — domestic airport, Sahar Road and the international airport station — and will bear a cost of Rs 777 crore.RITES, which had prepared the detailed project report for the Metro line, has estimated the stakeholder contribution for the corridor from MIAL and under ASIDE to amount to Rs 1,456.3 crore, which would be roughly seven per cent of the total cost.Around 50 per cent of the project would be financed through a loan from Japan International Cooperation Agency, the state and Central governments will fund about 15 per cent each, while the rest will be funded through subordinate debt.