Madhya Pradesh government on Monday signed an MoU with the Centre and Madhya Pradesh Metro Rail Corporation (MPMRC) in New Delhi for metro rail projects in Indore and Bhopal.
The cost of the Bhopal project that has two corridors — from Karond circle to AIIMS of 14.99 km and from Bhadbhada Square to Ratnagiri Square of 12.88 km — will be Rs 6,491 crores. A ring line of 31.55 km from Bangali Square to Palasia via Vijaynagar, Bhanwar Shala and Airport at a cost of Rs 7,500 crores will be constructed as part of the metro project in Indore.
The MoU was signed in the presence of Union Housing and Urban Affairs Minister Hardeep Singh Puri and MP Urban Development Minister Jaivardhan Singh. The project has been already approved by the Centre.
The project will be implemented by MPMRC, and will be converted into a 50:50 joint venture between the state and central governments. The Centre will nominate five directors, including the chairman, while the state government will nominate five directors, including managing director.
An official release said the MP government will bear the entire cost of land acquisition, restoration and rehabilitation. Loan for Bhopal project will be taken from European Investment Bank and Asian Development Bank and loan for Indore project from New Development Bank.
Source: Indian Express