The 29.9km Noida-Greater Noida metro project is now a collaborative project between the Centre and the state, with the Central Government committing its allotment of Rs 970 crore for the passageway that will probably be initiated in April this year.
Functionaries from the NMRC communicated that the two governments had lately inked a Memorandum of Understanding on the project. “The Centre will now release Rs 970 crore as part of its share in the 50-50 joint venture,” said PD Upadhyay, the executive director of NMRC who is also the GM (finance).
The senior staff members declared that with the Centre’s active involvement, the project would be accelerated.
Now that the project is a collective enterprise, the Union urban development secretary will suggest a new chairman for the Noida Metro Rail Corporation to supersede the present one, UP Chief Secretary Rajive Kumar. Officials believed that the NMRC board would be reestablished with the central as well as the state governments appointing four directors each. The NMRC board will delegate a full-time managing director designated by the UP government. Besides the board members, functional directors, who are often specialists in their domains, will also be commissioned.
In May last year, Finance Minister, Arun Jaitley had granted a proper sanction for the Centre’s quota of finances.
“Though there was never a funds crunch, the pact with the Centre would certainly help in expediting clearances and making payments for project,” said Upadhyay. “We have received a letter on this dated February 19 from the ministry of Housing and Urban Development,” he added.
Upadhyay moreover added that the NMRC would operate just like a Special Purpose Vehicle for the exercitation of the project whereas legal shield for the corridor would be supplied under the Metro Railways and Railways Act.
The NMRC board on Friday inspected the advancement of the metro corridor, which is at present experiencing trials. “Electrical, mechanical and signaling work is about 80% complete,” said Upadhyay.