Centre releases 688 crore for Aqua Line Noida Metro, more fund to follow next year!

(27/02/2018) Noida: The Noida Metro Rail Corporation on Monday informed that Rs 687.62 crore have been released by Union ministry of housing and urban affairs for its Aqua line project. There has been MoU signed between UP Government and Centre to designate Noida Metro as a joint venture between the two. Under this arrangement another 282 crores will be released later in the coming year.

NMRC officials also informed that equity shares in favour of Union Government will be issued in the next board meeting which is expected to take place next month. The board will also take final decision on the utilization of the fund. The share certificates are expected to be of Rs 100 each. Release of funds by central government comes after the Finance Minister Arun Jaitley’s formal approval for the same in May, 2017.

As of current status of the Aqua Line, NMRC informed that about 80% work is complete and two more sets of trains are expected to reach Greater Noida depot by next month. Oscilation trials for the track will also commence as soon as UPPTCL releases promised power and the meeting for the same as well.

The NMRC is also facilitating the reconstitution of Noida Metro Board and have also written to chief secretary for the same. Urban development secretary has to appoint NMRC Chairman as well as four directors. The Managing Director of the board will be nominated by the UP Government.