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Metro gets ` 250 cr aid from Centre.

THE ongoing phase- III project of Delhi Metro has got a boost with the Centre releasing its equity contribution of ` 250 crore to the Delhi Metro Rail Corporation ( DMRC). " We have released an amount of ` 250 crore to the DMRC as part of the Government of India's share towards equity for meeting the cost of Delhi MRTS Phase III projects for the current financial year," an official of Ministry of Urban Development said.

The official said that this amount shall consist of 25 lakh shares with a face value of ` 1,000 each. The audited statement of account relating to transfer of this amount to the equity of DMRC shall be furnished to Urban Development Ministry after the close of financial year with a certificate that the amount has been utilised for the purpose it was sanctioned, the official added.

A total amount of ` 7883.36 crore had been released earlier as equity by the Urban Development Ministry. One and half months back, the Delhi government had also released its equity contribution of ` 200 crore to DMRC for construction work of Phase III projects with some strict terms and conditions. Interest earned on equity before issue of shares, if any, would be adjusted against the contribution of Delhi government.

Besides, DMRC would ensure time- bound progress of the project. It would also furnish monthly physical and financial progress to transport, planning and finance department, the Delhi government had said while releasing fund to DMRC. Total cost of the project is ` 7,883 cr

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Publication:Mail Today (New Delhi, India)
Geographic Code:9INDI
Date:Oct 7, 2014
Words:268
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