The Delhi Government on Wednesday released the first instalment of Rs 200 crore to Delhi Metro Rail Corporation (DMRC) for the construction of Metro network in the national Capital.
“The Government has released an amount of Rs 200 crore as contribution to equity as a first instalment in the current year of 2014-15,” said a Government official. They also said that Rs 3,561.60 crore for Phase-III (underway) of DMRC has already been released to DMRC while Rs 3,695.20 crore for Phase-II (2005-2011) and Rs 1,716.00 crore for Phase-I (1998-2006) had been released.
He also said that an amount of Rs 100 crore is sanctioned against reimbursement of DVAT out of which Rs 50 crore have been released in the current financial year. In the budget estimates for the year 2014-15, the Equity amount of Rs 827.00 crore, Subordinate debt for land Rs 26.51 crore, Reimbursement of Central Taxes Rs 348.00 crore, Reimbursement of DVAT Rs 100 crore is proposed to be released to DMRC by the Delhi Government for construction of Metro network in the national capital. The DMRC was set up in May 1995 under the Indian Companies Act. It is a joint venture between the Government of India and the Government of Delhi State, with equal equity (50% each). The Government Of NCT of Delhi bears 50 per cent cost towards equity, subordinate debt for land and subordinate debt for reimbursement of central taxes. In addition, Delhi Government also reimburses the DVAT paid by the DMRC.