CHENNAI: The State government has urged the Centre to reconsider shareholding under the second phase of Chennai Metro Rail project with a sharing pattern of 50:50 between state and Centre, as was done in Phase-I project.
Chief Minister M K Stalin during his visit to Delhi on Thursday submitted a memorandum to Prime Minister Narendra Modi to reconsider the shareholding besides providing railway land taken by Chennai Metro on lease.
Earlier, former CM Edapaddi K Palaniswami had written a letter to the Centre highlighting the issue.
A total of `61,843 crore Phase-II of Chennai Metro has been approved by the State. The Centre has suggested to provide only 10 per cent cost as grant instead of providing 15% as share capital.
Since the contribution of Centre as grant will affect the present shareholding pattern and such grant is also revenue expenditure, the State has been requesting the Centre to consider the support as share capital, which is taken as capital expenditure with a sharing pattern of 50:50 between Centre and State.
It is learnt that intervention for early approval of the project with participation of Centre in Chennai Metro Rail Phase-II Project with 50:50 Equity Sharing Model, as was done for Phase-I Project was requested by the state government.