NEW DELHI: Kochi Metro crossed one more hurdle on Monday with the Urban Development Ministry placing the Kochi Metro note before the Public Investment Board under the Finance Ministry for clearance. The crucial meeting of the PIB is likely to be held soon. Once it gets the PIB clearance, the project will be put up for Cabinet approval.
“The Kochi Metro project is progressing well. Everything is on track,’’ said an official with the Urban Development Ministry. The Urban Development Ministry has approved the Detailed Project Report submitted by the state government early this month.
While the earlier proposal was for a train with three coaches, as per the new proposal, there will be five coaches. Similarly, the state government has also pitched in for a train with wider compartments. The government had done this keeping in mind the future requirements of the Kochi Metro.
According to the official, the Kochi Metro has to get PIB approval as the Central Government also has a stake in the project which is being implemented on the Chennai Metro model in which both the state and central governments will have 15 percent stake each. The rest of the resource will be mobilised through loans.
Asked about the date of PIB meeting, the official said it is for the Finance Ministry to decide that. “Any way, our expectation is that it will take place by February last week so that all the formalities could be completed in this financial year itself,’’ he said.
The PIB meeting will be attended by all ministries concerned apart from the Planning Commission. “The PIB will recommend the project to the cabinet, which has to approve it. All these formalities will be completed this financial year itself,’’ he said.
On whether the ministry foresees any objections in the PIB meeting, he said: ‘’There have been occasions when the PIB had asked for further clarifications in the case of past projects. It can happen in the case of Kochi Metro too. But beyond that, we do not anticipate any complications.’’