The project will be funded on equal sharing of cost basis between the state and the Centre with the latter contributing Rs 155 crore as equity and subordinate debt. Nagpur Metro will connect 19.658 km of north-south corridor and 18.557 km of east-west corridor.
The cabinet approved setting up of Nagpur Metro Rail Corporation to execute the project, said a senior Urban Development Ministry official. Nagpur with a population of 24 lakh is the third largest city of Maharashtra and 13th largest in the country.
The project is scheduled to be completed by March 2018.