Mumbai Metro Rail Corporation has received a crucial approval from Japan International Cooperation Agency and the Bidding process for the Metro-III Colaba-Bandra-Seepz 32.5-km underground corridor may soon begin.
JICA, a Japanese agency is funding Rs 13,235 crore of the total project cost of Rs 23,136-crore. Work is expected to start by March 2015. Bhumi pujan of the said project was held in august 2014. Nine firms have been qualified in pre qualification bids which were invited in September 2013.
Metro III will connect the coomercial centre with the residential areas of the city. And it is expected a ridership of 17 lakh by 2031.” The work will be on a cash contract and not on PPP model.