The Kochi Metro Rail Limited (KMRL) on Thursday entered into a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) for the execution of the Kochi Metro project.
In the first phase, the metro infrastructure would be laid on 25.25-kilometre route from Aluva to Pettah.
KMRL managing director Elias George and DMRC counterpart Mangu Singh signed the agreement in the presence of Union Urban Development secretary Sudhir Krishna.
George said the KMRL is the project owner as well as the client, while the DMRC is the executing agency.
The pact is in line with the conditions of sanction of the project by the Centre. The DMRC shall be responsible to execute the works of the Kochi Metro Rail project.
But according to the responsibilities delineated in the Centre’s project sanction order, the KMRL shall exercise appropriate financial and technical oversight over the project execution.
“The project will be completed in four years from the date of signing of MoU, though we will make all efforts to see it completed earlier,” George said.
As the executing agency, the DMRC shall invite tenders on behalf of KMRL and tender documents for works costing over Rs 10 crore will be finalised by the DMRC in consultation with KMRL. Tender acceptance will be done by a committee comprising DMRC and KMRL nominees, George said.
“The cost of the project is estimated at Rs 5,182 crore, of which the Centre will fund Rs 1,008 crore. The remaining funds will be raised by the KMRL from Japan International Cooperation Agency, Agence Française de Development (AFD), a French financial institution that provides developing assistance to developing countries and agencies like HUDCO.”
George said that the KMRL is also in talks with a consortium of banks for raising funds.
Under the terms and conditions of agreement, any significant deviation from the technical specification or norms prescribed by the KMRL shall be effected by the DMRC only with prior concurrence.