Delhi Government today released the first instalment of Rs 200 crore to Delhi Metro Rail Corporation (DMRC) for the construction of Metro network in the capital city.
"Government has released an amount of Rs 200 crore as contribution to equity as a first instalment in the current year of 2014-15," said a Government official.
Official also said that Rs 3561.60 crore for Phase-III (underway) of DMRC has already been released to DMRC while Rs 3695.20 crore for Phase-II (2005-2011) and Rs. 1716.00 crore for Phase-I (1998 - 2006) had been released. He also said that an amount of Rs 100 crore is sanctioned against reimbursement of DVAT out of which Rs 50 crore have been released in the current financial year.
In the budget estimates for the year 2014-15, the Equity amount of Rs. 827.00 crore, Subordinate debt for land Rs. 26.51 crore, Reimbursement of Central Taxes Rs. 348.00 crore, Reimbursement of DVAT Rs. 100 crore is proposed to be released to DMRC by the Delhi Government for construction of Metro network in the national capital.
The DMRC was set up in May 1995 under the Indian Companies Act. It is a joint venture between the Government of India and the Government of Delhi State, with equal equity (50% each). Govt. of NCT of Delhi bears 50% cost towards equity, subordinate debt for land and subordinate debt for reimbursement of central taxes. In addition, Delhi Government also reimburses the DVAT paid by the DMRC.