A Special Purpose vehicle (SPV) called Chandigarh Tricity Multi-Modal Transport Corporation (CTMTC) would be set up for the implementation of Tricity metro project.
A decision in this regard was taken in a meeting of senior officials of UT Administration, Punjab Government and Haryana Government held on Friday here.
During the meeting, it was decided that the SPV to be constituted for the implementation of the Tricity metro project would be named as Chandigarh Tricity Multi-Modal Transport Corporation (CTMTC).
The exact equity structure for this SPV which will be formed as a company will be finalised shortly. The SPV, upon formation, will be able to act as a focal point for taking all further actions for taking the tricity metro project forward.
The SPV is expected to be set up at an initial investment of Rs 50 crore. This SPV could be registered under Companies Act as a public sector body either wholly owned by the Government of India or with equity participation from the State Governments as well.
The officials also discussed the Memorandum of Understanding (MoU) drafted by the UT Administration for the metro project. The MoU would be shortly signed by the UT Administration, Punjab Government, Haryana Government and Union Ministry of Urban Development (MoUD).
During the meeting, the representatives of respective States Governments submitted their viewpoint on the MoU. The three stakeholders would soon hold another meeting to finalise the MoU.
KK Sharma, Adviser to UT Administrator apprised the officials that as per discussions held with the Ministry of Urban Development’s (MoUD) senior officials, the Ministry is keenly awaiting the formal acceptance of the proposed MoU by the three Governments for processing the matter further.
And, after the modalities have been formally agreed amongst the three governments, the UT Administration will write to MoUD for their approval.A Venu Prasad, Secretary Urban Planning, Ajoy Kumar Sinha, Chief Administrator GMADA represented the Punjab Government and TC Gupta, Financial Commissioner Urban Planning and Anurag Rastogi Director General Town & Country Planning represented the Haryana Government during the meeting held under the chairmanship of KK Sharma, Adviser to UT Administrator.
The Tricity metro project proposes to link Chandigarh with satellite townships of Panchkula and Mohali.
Under the project, a total of 37.573 km metro rail project has been proposed including 23.468 km elevated and 14.105 km underground in the first phase having two metro corridors namely north-south corridor and east-west corridor.
The total project cost of the Metro will be Rs10,900 crore in the first phase. It includes development of metro project in Chandigarh portion costing Rs 8,245 crore, Rs1,427 crore in Punjab portion and Rs1228 crore in Haryana portion.