The Pune metro rail project got 1,300 crore fund sanctioned from the Central Government. The Government allocated this amount as the viability gap in the project.
This fund will be used in completing the work of Hinjewadi-Shivajinagar metro rail project which is 23.3Km long and connects several important areas of the city.
Being constructed under the Public Private Partnership [PPP] model this metro corridor will incur a total of rupees 8,313 crores out of which the State Government has to raise 812 crore rupees. This metro rail project is carried out in a phased manner and work for the first phase will get completed by the year 2019 in which Hinjewadi will be connected to Belewadi.
In the second phase, the metro will be extended upto Shivajinagar. This metro rail project will be enabled with complete state-of-art along with the installation of automatic elevators. The bidding for Pune metro rail project is likely to take place in June this year after getting nod from the Central Government.
It is estimated that, IRB in consortium with Chinese and Malaysian companies, ILFS and Tata Realty Siemens will participate in the bid and the selected company will have to raise 30 percent in the form of equity and the remaining 70 percent as debt.
This metro line will have stations at Hinjewadi, Wakad, Belewadi, Pune University and Shivajinagar. This viability gap fund allocation from the Central Government will prove beneficial in increasing work of this metro rail project.