Financial Closure of Navi Mumbai Metro, CIDCO gets ₹500 crores line of credit by ICICI Bank   

The Navi Mumbai Metro project of the City and Industrial Development Corporation (CIDCO) received financial backing as it signed an agreement with the ICICI bank for a line credit of Rs 500 crores last week. Following the line of credit sanctioned by ICICI Bank, the financial closure process for the Metro Line no. 1 project has been completed, informed CIDCO.

Dr. Sanjay Mukherjee, Vice Chairman & Managing Director, CIDCO said, "Due to Rs 500 Crore Line of credit facility from ICICI Bank, works of Line no. 1 will be expedited and it will be possible to travel on this Line as soon as the works are completed within the scheduled time. The Line of credit sanctioned has in a way put a stamp on the credibility of CIDCO's projects.”

Navi Mumbai Metro Line-1 project is a three-coach metro train. The total length of Belapur to Pendhar line-1 is 11.1 Km long and comprises 11 stations. The viaduct of this project is completed and out of 11 stations, 5 stations are ready to be commissioned. All the important clearances including CMRS have been obtained for this Line. Work on the remaining 6 stations is in full swing and the complete line is expected to be commissioned very soon.

The estimated cost for the Metro line-1 project is Rs 3,400 crores, out of which Rs 2,600 crores are already infused by CIDCO, Rs 500 crores are from bank Line of credit and the remaining will be CIDCO internal accruals. Considering the importance of the Metro Project in the internal connectivity of Navi Mumbai, this project will give the best travel option to citizens and boost the real estate sector.