New Delhi: The Union Cabinet today approved the Mumbai Metro Line-3 Colaba-Bandra-Santacruz Electronics Export Processing Zone (Colaba-Bandra-SEEPZ) corridor. It has further approved the conversion of the existing State level Special Purpose Vehicle (SPV) – Mumbai Metro Rail Corporation (MMRC) into a Joint Venture Company of the Government of India (GoI) and Government of Maharashtra (GoM), with equity participation on 50:50 basis.
The total completion cost of the project is estimated at Rs.23,136 crore covering a total length of 33.5 km (fully underground). The gauge would be standard gauge, as per the Detailed Project Report (DPR).
The project of the Mumbai Line – 3 is scheduled to be completed in six years that is by March, 2019 from the date of start of work in the financial year 2013-14.
The existing state level SPV for implementing the project, namely, the MMRC shall be converted into a joint ownership (50:50) SPV of GoI and GoM on similar pattern as for the Delhi Metro, Bangalore Metro, Chennai Metro and Kochi Metro. The joint ownership company will continue to be named as MMRC. The promoters, the GoI and the GoM, shall nominate five Directors each to the Board of Directors of the SPV, which shall have 10 nominee Directors. The Secretary, Ministry of Urban Development, GoI will be the ex-officio Chairman of the Board.
The implementation of the project would provide much needed additional transport infrastructure to Mumbai.