Punjab, Haryana give consent to MoU to form SPV for Tricity Metro
After a series of stalemated negotiations, the UT Administration, Punjab and Haryana Governments have finally reached a consensus to sign a Memorandum of Understanding (MoU) to form Special Purpose Vehicle (SPV) for the implementation of Tricity Metro project.
A meeting of senior officials of UT Administration, Punjab and Haryana Government was held on Wednesday under the chairmanship of KK Sharma, Adviser to UT Administrator to deliberate over the terms and conditions of MoU to form SPV.
A senior official of the UT Administration said that Punjab and Haryana Governments have given their consent to the terms and condition of MoU for SPV formation.
The official said that the consent of three stakeholders to sign an MoU would now be conveyed to the Union Ministry. And, an MoU would be signed between the stakeholders after the approval of Union Ministry.
During the meeting, A Venu Prasad, Secretary Housing and Urban Development Punjab, Chief Administrator GMADA AK Sinha, Haryana Director Town & Country Planning Anurag Rastogi and senior UT officials were present. Recently, the UT Administration had modified the MoU circulated by MoUD to reach an agreement with the neighboring governments to sign the MoU.
According to the new draft of MoU, the SPV would not be formed on public-private partnership (PPP) mode. And, the MoUD, UT Administration, Punjab Government and Haryana Government will have 25 percent share each in the SPV. And, the SPV would be set up at an initial investment of Rs 100 crore.
The SPV would be called Chandigarh Tricity Multi-Modal Transport Corporation (CTMTC).Notably, the MoUD had asked the three governments to form SPV in the month of May during a high-level meeting held in New Delhi for the tricity metro project.
The SPV, upon formation, will be able to act as a focal point for taking all further actions for taking the tricity metro project forward.The ambitious tricity metro project proposes to link Chandigarh with satellite townships of Panchkula and Mohali.
Under the project, a total of 37.573 km metro rail project has been proposed including 23.468 km elevated and 14.105 km underground in the first phase having two metro corridors namely north-south corridor and east-west corridor.
The total project cost of the Metro will be Rs 10,900 crore in the first phase.It includes development of metro project in Chandigarh portion costing Rs 8,245 crore, Rs 1,427 crore in Punjab portion and Rs 1,228 crore in Haryana portion.
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