An MoU was signed between Government of India, Government of Madhya Pradesh and Madhya Pradesh Metro Rail Corporation in New Delhi on Monday for Bhopal and Indore Metro Rail Project. The MoU was signed in the presence of Union Housing and Urban Affairs Minister Hardeep Singh Puri and State Urban Development and Housing Minister jaivardhan Singh. The project has been approved by the Union Cabinet.
Urban Development and Housing Minister Singh told that two corridors of 27.87 kms in Bhopal Metro Rail Project. One corridor will be from Karond Circle to AIIMS up to 14.99 km and the second one from Bhadbhada Square to Ratnagiri Square up to 12.88 km. Its total cost would be Rs 6941.40 crore.
A ring line of 31.55 km will be constructed in the Indore Metro Rail Project from Bangali Square to Palasia via Vijaynagar, Bhanwar Shala and Airport at a total cost of Rs 7500.80 crore.
The Bhopal and Indore Metro Rail Project will be implemented by the Madhya Pradesh Metro Rail Corporation. This company will now be converted into a 50:50 joint venture company of Government of India and Government of Madhya Pradesh.
The company will act as a special purpose vehicle (SPV) to complete the project. The company will have a board of directors. It will have 10 directors. The Government of India will nominate 5 directors including the Chairman of the Board.
The state government will nominate 5 directors including the Managing Director. The State government will bear the entire expenditure for land acquisition, restoration and rehabilitation. Loans will also be taken from European Investment Bank for Bhopal Metro and Asian Development Bank and New Development Bank for Indore Metro.
The Government of India will buy the equity share capital, which will facilitate multilateral and bilateral loans for the project.
A high –power committee will be formed by the state government under the chairmanship of Chief Secretary for quick redressal of the difficulties in the way of the project. Principal Secretaries of concerned departments will be included in the committee.
The Government of India will approve the technical standard and specifications of the project. The Certificate of Safety will be given by the Commissioner Metro Railway Safety.
