The Housing and Urban Development Corporation (HUDCO) is considering a proposal to provide funding of upto Rs 700 crore for the construction of the Kochi Metro project, senior officials said. “A proposal has come, we are appraising it. Hopefully we will put it to the board in the coming days. We are thinking of Rs 700 crore.
They have asked for Rs 1200 crore,” V P Baligar, Chairman and Managing Director of HUDCO, told reporters. The Kochi metro project is expected to cost over Rs 5000 crore and would have 22 metro stations. Baligar said that earlier HUDCO had contributed in the financing of Bangalore Metro and had also given an ‘in principle’ approval to the funding of Jaipur Metro. “For Bangalore we have sanctioned about Rs 700 crore and another Rs 500 crore are in the pipeline. But Bangalore has already started paying back,” Baligar said. “For Jaipur we have given an in principle sanction but final sanction is awaited. I think they are still discussing their DPR with the ministry,” he said. Baligar said that HUDCO could fund Delhi Metro’s expansion to Gurgaon or Noida if the authorities needed financial assistance. He said that HUDCO was also planning to get equity in the Delhi-Mumbai Industrial Corridor.
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