Tamil Nadu Chief Minister M K Stalin inaugurated the construction of tunnel under the phase II of Chennai Metro Rail project at Madhavaram Milk Colony here on Thursday.
The State government has approved the implementation of three Metro Rail Corridors for a length of 118.9 km under Phase II of Chennai Metro Rail project. It sought matching funding from the Centre and also loan assistance from bilateral / multilateral agencies.
The Phase II expansion with 128 stations consists of corridor 3 - from Madhavaram to SIPCOT (for 45.8 km), corridor 4: from Lighthouse to Poonamalle Bypass (26.1 km) and corridor 5: from Madhavaram to Sholinganallur (47 km).
The estimated cost of the project is Rs 63,246 crore. This proposal is under process and approval of the Central government. The project is proposed to be completed by 2026 end.
Funding for a portion of Chennai Metro Rail in Phase II i.e. for 52.01 km - from Madhavaram – Sholinganallur of Corridor 3 and Madhavaram – CMBT of Corridor 5 has been tied up with the Japan International Cooperation Agency (JICA) as State Sector Project, a release said.
In principle approval has been accorded for funding the remaining portion of 66.89 km stretch through multilateral banks i.e Asia Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB) for the remaining 66.89 km stretch.
(With PTI inputs)
