Click to play videoChennai: The Chennai Metro Rail Project is finally on the fast track after being on the backburner since 2002. Union Minister for Urban Development, Jaipal Reddy has sanctioned the project and a special purpose vehicle will be floated for the venture with the state government and the Centre having an equal stake.
Jaipal Reddy says, "It will be wholly a government initiative — both the Government of India and the Tamil Nadu government will invest in the project. The Tamil Nadu government has refused to go for the PPP model."
The Rs 7,000 crore Metro Rail Project will be a 40 km stretch and it will be built over a period of three years.
Some of the funds will be borrowed from Japanese banks and the Delhi Metro Rail Corporation, responsible for the success of the Delhi Metro will be the consulting agency.
The Chennai Metro Rail seems all set to be a reality soon and this time, Tamil Nadu Chief Minister, M Karunanidhi is looking at it as one of the trump card for the next elections.
(With inputs from Raksha Hegde in Mumbai)
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