Center writes to UP to confirm its equity in Noida-Greater Noida Metro

Center writes to UP to confirm its equity in Noida-Greater Noida Metro

Ministry of Urban Development, Government of India has on Friday written to the Uttar Pradesh Chief Secretary, Rahul Bhatnagar , officially confirming its 20% contribution in the form of equity in the 29.7-Km Noida-Greater Noida Metro corridor. The letter also said that Noida Metro Rail Corporation Ltd (NMRC) shall function as a Special Purpose Vehicle (SPV) for the implementation of the project while legal cover for the Metro corridor will be provided under the Metro Railways and Railways Act.In May last month, Arun Jaitley, Finance Minister, Defence, Minister of Corporate Affairs in the Cabinet of India had given his formal approval to release the Center’s equity for the metro track.According to a sanction order accessed by TOI, contribution of Government of lndia (GOI) in the form of equity and subordinate debt will add up to Rs 970 crore. As per the order, NMRC shall be converted into 50:50 Joint Venture company of GOI and Government of UP (GoUP). Read more

Credits:nyoooz.com

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