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Navi Mumbai Metro: CIDCO Achieved Financial Closure with Rs.500 crore Credit Line by ICICI Bank

Mumbai Metro

The Navi Mumbai Metro Project of the Maharashtra government’s town planning and infrastructure and development authority, the City, and Industrial Development Corporation (CIDCO) received financial backing for line number 1 by signing an agreement and securing a line of credit (LoC) worth Rs.500 crore from Industrial Credit and Investment Corporation of India (ICICI Bank).

 

 

Navi Mumbai Line 1 metro project agreement was inked between the ICICI bank and CIDCO

On this major milestone, CIDCO Vice Chairman and MD Sanjay Mukherjee told PTI, Due to the Rs. 500 crore Line of credit (LoC) facility from ICICI Bank, works of metro line number 1 will be expedited and it will be possible to travel on this metro line as soon as the works of this line are completed within the scheduled time. The line of credit (LoC) has in a way put a stamp on the credibility of CIDCO’s Project.

Navi Mumbai Line 1 metro project agreement was inked between the ICICI bank and CIDCO, which helps with financial support to push the project forward, CIDCO said in a release. Navi Mumbai metro line-1 is a three-coach metro train between Belapur and Pendhar in Toaja.

The total length between Pendhar line 1 and Belapur is 11.1 km long and comprises 11 stations. The viaduct of the Navi Mumbai Metro Line-1 project is completed and out of Eleven stations, five stations are ready to be commissioned. All the necessary clearances including CMRS have been obtained for this line. Work on the remaining six stations is in full-swing mode and the complete line number-1 will is expected to be commissioned soon.

 

 

 

Work on the remaining six stations is in full-swing mode and the complete line number-1 will is expected to be commissioned soon.

The estimated cost of the Metro Line number-1 project is Rs. 3,400 crores, out of which Rs. 2,600 crores had already been infused by CIDCO, Rs. 500 is from the bank’s Loc while the rest of the amount will be CIDCO’s internal accruals.

Considering the importance of internal connectivity of the Metro line number 1 project, the Navi Mumbai Metro project will provide an efficient travel option to citizens and helps to boost the real estate sector.

City and Industrial Development Corporation (CIDCO) was formed on 17 March 1970 under the Indian Business Act 1956. At the time of its creation, the purpose of CIDCO was to develop a satellite town in Mumbai, Maharashtra.

Now, it’s functioning as NTDA (New Town Development Authority) and SPA (Special Planning Authority) of the government of Maharashtra. CIDCO undertakes many mega infrastructure projects, including the ongoing Navi Mumbai International Airport, Navi Mumbai Metro Projects, Navi Mumbai Airport Influence Notified Area (NAINA), Corporate Park, etc. India’s first smart city project was also launched by CIDCO.

To create a residential and commercial projects, the town planning body allotted land parcels on lease to different real estate developers.

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