Maha Metro | Pune Metro project to get funding of Euro 845mn by March 2018

Pune: Funding for the Pune Metro Rail project is expected to be finalised by March 2018. The project is to be co-funded by European Investment Bank and  French development bank, AfD and they will together be providing €845 million for the project, Brijesh Dixit, MD, Maha Metro, said. The EIB team will visit in December-end to study the project. EIB will be putting in €600 million while AfD would be financing €245 million, Dixit said. This funding will account for around 58% of the Rs 11,420-crore cost of the 31.25-km Pune Metro project with the remaining coming in the form of equity from the Central government, Maharashtra state government and the civic bodies of Pune and Pimpri Chinchwad, Dixit said.
The 50:50 central and state government-owned joint venture, the Pune Metro project has the advantage of being backed by sovereign guarantee of the government of India which enables it to access funds at a lower interest rates and with better terms and conditions which reduce cost and improve financial viability as well and reasonable fares, Dixit said.  “We do not need the money now but will need it later, so we hope to finalise the agreement by end of March 2018,” Dixit said.
Maha Metro, which is executing the Pune Metro projects, is also working simultaneously on the multimodal integration across public transport systems. An MoU will be signed with Indian Rail soon, Dixit said. A similar MoU will be signed with the state and city transport undertakings so that the Metro could be integrated by linking with existing public transport provided by Indian Rail, MSRTC, PMPML and BRTS to achieve seamless travel experience.
They have also received proposals for dockless bikes to enable Metro users to pick up and drop cycles for last-mile connectivity.
Pune Metro’s Civil Court station, which is interchange station for both the routes of PCMC-Swargate and Vanaz to Ramwadi as well also connects with the third line of Pune Metro, is being executed by the PMRDA. Tendering for the project has been completed for two stretches and some of the railway stations. Pune Metro has also got possession of around 50% of the government  it needs for the Metro. The Metro needs 44 acres out of which it has already got 32 acres.