KOCHI: The Kochi Metro Rail Ltd (KMRL) and the state government on Tuesday signed a memorandum of understanding (MoU) for forming a special purpose vehicle (SPV) for the operation and maintenance of the Rs 747-crore Water Metro project.
The SPV, Kochi Water Metro Ltd (KWML), shall be a joint venture with equity of 74% for the government and 26% for KMRL. As per the MoU signed by Chief secretary V P Joy and KMRL MD K R Jyothilal in Thiruvananthapuram, KWML will undertake the operation and maintenance of the project.
“The state shall delegate to KWML the overall responsibility and authority for operating, maintaining and managing the Water Metro transport system to meet the requirements of a modern passenger ferry system in Kochi,” read the agreement. It said KMRL MD will be the MD of KWML. Technical assistance and administrative assistance required for the initial setting up of KWML will be provided by KMRL. There will be eight members on the board of directors, of whom the government will delegate five and KMRL three.
The Kochi Water Metro project is envisaged as an environment-friendly integrated water transport system connecting people of Kochi to the mainland, thereby improving their livelihood. KMRL has been the executing agency on behalf of the state government for the project, which is aimed at providing integration and connectivity between jetties, bus terminals and metro networks. The state of the art, environmental-friendly, modern electric boats would ensure seamless public transport with a significantly low carbon footprint.
The project is expected to boost tourism prospects of the islands and support economic activities of the islanders. It will have 38 disabled-friendly Jetties and 78 boats that will operate over a route length of 76km connecting 10 islands. The project is funded by KfW, the German funding agency under the Indo-German Financial Cooperation.
The terminals in the first route at Vyttila and Kakkanad were inaugurated in February. Construction is on at other locations. The construction of 23 air-conditioned electric boats are progressing at Cochin Shipyard. The first boat was launched on March 31 and is undergoing tests and trials. This is the first time electric boats are being used for an organised water transport system anywhere in the world.