Mumbai Metro 3 inches closer to completion, receives ₹4,474 crore fund infusion

Mumbai: The city’s first underground metro rail corridor connecting Colaba in south Mumbai with Seepz in the western suburbs inched closer to completion on Friday as Japan International Cooperation Agency (JICA) extended the fifth and final tranche of the official development assistance (ODA) amounting to ₹4,474 crore (JPY 84,261 million) to Mumbai Metro Rail Corporation (MMRCL). Trials for the corridor, designated as Metro-3, were completed recently by the Research, Design and Standards Organisation, which comes under Indian Railways.

Manisha Sinha, additional secretary, department of economic affairs (DEA), and the ambassador of Japan, Hiroshi Suzuki, signed the loan agreement on Friday, following which JICA officials told HT that Metro-3 was a priority project and they wanted the project to be completed quickly after delays owing land acquisition, environmental clearances, and the Covid-19 pandemic.

“We released the final tranche after thorough discussions regarding the project and fund status. Cost escalation in such large projects is usual. The stations and infrastructure in Metro-3 is comparable with global standards and we are in talks for funding the extension of Metro-3 on the Colaba-Cuffe Parade route as well as the Metro-11 line,” said an official from JICA.

The cost of the Metro-3 project was earlier estimated at a little over ₹23,000 crore. But on February 29, the centre approved the revised cost of ₹37,276 crore, with JICA agreeing to provide 57.09% of the funds amounting to ₹21,280 crore. The first tranche of loan was extended to MMRCL in September 2013.

“Since 2013, when the agreement for the first tranche of funding of Metro Line 3 was signed, MMRCL has made commendable efforts and there is steady and satisfactory progress despite several challenges. I have been given to understand that the inauguration ceremony for phase one (Aarey to BKC) is likely to be held in the second quarter of the current financial year, and the project would be fully completed in the near future,” said Saito Mitsunori, chief representative of JICA India.

Once Metro 3 is operational, the commute from the domestic airport station to Cuffe Parade station will take about 45 minutes as opposed to more than 2 hours by road during peak traffic. JICA officials said Mumbai needs a entire network of metro rail corridors and not just one or two lines.

“Signing of the final tranche of the loan agreement underscores JICA’s unaltered commitment to Metro projects in India and especially Mumbai. Since the project’s inception, JICA has been an invaluable partner, continuously aiding its progression towards operations shortly,” said, R Ramana, director (planning and real estate development), MMRCL.