Nodia: The Noida Metro Rail Corporation has received Rs 687.62 crore on Monday from Ministry of Housing and Urban Affairs for its Aqua line project. The fund is part of the Rs 970 crore equity of the Centre in the 29.9 km Noida-Greater Noida metro corridor.
The balance Rs 282.38 crore, which is the subordinate debt (tax), will come next year. The Noida metro had become a joint venture between the centre and the Uttar Pradesh government after the two inked a Memorandum of Understanding (MoU) earlier this month.According to NMRC officials, the arrival of the fund will give wings to the project.
According to P D Upadhyay, General Manager/Finance of Noida Metro, “The fund is part of the Rs 970 crore equity of the Centre in the 29.9 km Noida-Greater Noida metro corridor. The NMRC board is supposed to have a full time managing director nominated by the UP government. The balance Rs 282.38 crore, which is the subordinate debt (tax), will come next year. Thereafter, we will have a total of eight coaches with the two trains besides one test train of four coaches. This fund will certainly help in expediting clearances and making payments.”
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