KOCHI: The state government sanctioned Rs 297.75 crore for Kochi Metro on Wednesday. While Rs 88.50 crore will be state’s equity share, Rs 209.25 crore has been allocated for land acquisition.
This will give a further boost to the ongoing land acquisition process. Earlier, Finance Minister Mr.P.Chidambaram had provided Rs 100 crore as equity investment and Rs 30 crore as debt for the Metro in the Union Budget. The Kochi Metro Rail Ltd (KMRL) requires about Rs 1,000 crore to complete land acquisition for the project.
According to KMRL, funds from the Centre would be used for works related to the construction of Metro, and money allocated by the state government would be used for land acquisition.
The Metro agency requires 40.40 hectare of land for parking, constructing stations and the Muttom yard.
More land will be required for building the Metro village at Muttom and other office-cum-residential complexes in Kakkanad.
During 2012-13, the Centre allocated Rs 30 crore for the Metro while the state government provided Rs 119 crore.
The Kochi Metro is estimated to cost Rs 5,182 crore and will be implemented with the financial support of external funding agencies.
Of the total cost, the Centre will provide Rs 1,002.23 crore and Rs 2,170 crore has to be raised as loan from external funding agencies. The state government has to raise the remaining amount.
KMRL is looking at loan options from the Japan International Cooperation Agency (JICA) and AFD, the French financial agency.