MoUD releases Rs 250 cr for Metro Phase III projects to DMRC - infrabuddy.com

MoUD releases Rs 250 cr for Metro Phase III projects to DMRC

Delhi Metro Rail Corporation (DMRC) to receive 250 crore as the Ministry of Urban Development releases its equity contribution for construction work of Metro Phase-III projects for the current 2014-2015 year.

Furnished and audited certificate and the fresh statement of accounts relating to transfer of Rs. 250 crore equity will be issued to DMRC;once the financial year closes. 25,00,000 shares with a face value of Rs 1,000 each.

Rs 7,883.36 crore equity by the ministry, Rs 200 crore by Delhi Government already released to DMRC for construction work of its Phase-III project earlier.

“Interest on equity before issue of shares, if any, would be adjusted against the contribution of Delhi government and DMRC need to ensure that the progress of the project is time bound. Ministry will also report monthly progress to other concerned ministries like transport, planning and finance department,”.

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