KOCHI: The union cabinet chaired by Prime Minister Narendra Modi on Wednesday approved Kochi Metro rail’s phase II --- from JLN Stadium to Infopark via Kakkanad putting the Rs 1,957.05-crore project on fast track. Modi, during his visit to Kochi last week, had laid the foundation stone for phase II. “The preparatory works, including road widening of Seaport-Airport Road, for phase II are progressing well,” an official release said.
Acknowledging the fast clearance by the union cabinet, Chief Minister Pinarayi Vijayan, in a letter to Modi, said the approval is a great support for the development of the state’s urban transport infrastructure. “I express my sincere thanks on behalf of the people and government of Kerala for the approval of the second phase of Kochi Metro from JLN Stadium to Infopark via Kakkanad,” said Pinarayi.
The government also revealed the funding pattern of phase II. Under the plan, the Centre and state governments will pump in Rs 274.90 crore as equity in the project. They will each have a 16.23% contribution through this fund infusion. Similarly, the Union government and the state will provide Rs 63.85 crore each (3.77%) as subordinate debt for 50% of central taxes to phase II. The loan from bilateral/multilateral agencies forms Rs 1,016.24 crore (60%). The total cost excluding land, resettlement & rehabilitation, etc, will come to Rs 1,693.74 crore.
The other cost components are -- state taxes to be borne by the state (Rs 94.19 crore), interest during construction for loan and front-end fees to be borne by the state (Rs 39.56 crore) and PPP components like automatic fare collection (Rs 46.88 crore).
Justifying the need for phase II, the official release said the population of Kochi metropolitan area, which was 20.8 lakh in 2013, is estimated to go up to 33.12 lakh by 2031. Phase II will have a length of 11.17 km and 11 stations. Phase I, from Aluva to Tripunithura terminal, is 26.8-km long, the last 1.2km of which is being built. It currently has 23 stations.
Phase ii