Anil Ambani-led consortium, which is developing the ambitious metro rail project in the metropolis, has some some good news for Mumbaikars.
MUMBAI: Anil Ambani-led consortium, which is developing the ambitious metro rail project in the metropolis, has some some good news for Mumbaikars on Tuesday.
Burdened as they are with high transportation costs and uncomfortable public transport facilities, news from Ambani that the cost of metro rail travel between the suburbs of Versova and Ghatkopar will be as low as Rs 6 should indeed be a welcome news for Mumbai commuters.
"The principal basis of us winning the metro project was that the tariffs that the customers will have to pay to ride on the metro are fixed. There will be no escalation over a particular period of time, which starts at Rs 6, then goes to Rs 8 and finally to Rs 10 over many many years" Reliance Energy Chairman Anil Ambani told shareholders today on the occasion of the company's annual general meeting here.
"The government has fixed the tariff and we were asked to bid on that basis," he said, adding the price has been fixed immaterial of the number of people "we are able to carry."
A consortium led by the Anil Dhirubhai Ambani Group (ADAG) has been awarded the metro rail project. The 35-year public-private-partnership (PPP) based on a build, own and operate and transfer (BOOT) model, involves the development and operation of a fully elevated metro rail along the Versova-Andheri-Ghatkopar corridor in Mumbai.
The cost of the project is approximately Rs 2,500 crore, of which Rs 650 crore would be provided by the state government under the Viability Gap Funding scheme.
The metro rail will cover a distance of about 12 kms, reducing the travel time from the current 90 minutes to less than 22 minutes.
"As per the concession agreement, we are expected to complete the project in five years time or by FY 12, but given our track-record in managing complex, large-scale projects, we are hopeful of finishing well before that time," Ambani said.
"We have also bid for Line 2 of Mumbai Metro comprising a 32-km elevated track between Mankhurd and Charkop via Bandra in the suburbs at an investment outlay of around Rs 6,500 crore," he said.
The Anil-led Group is also pursuing a series of other opportunities in the mass rapid transit system (MRTS) sector in India.
"Our company-led consortium has been pre-qualified to participate in the bidding process for the Delhi Airport Express Link and the Hyderabad Metro Project," Ambani said.
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