CHENNAI: The Rs 61,843-crore Chennai Metro Rail Phase II project currently being implemented is yet to be cleared by the Cabinet Committee on Economic Affairs though the Public Investment Board had approved the project two years ago.
The state government has been funding the project for the past two years with the hope that the centre would eventually approve it. This year, the Tamil Nadu government allocated Rs 10,000 crore for the project in the state budget. While officials claim it is on target, the project may hit a roadblock if the centre fails to release the funds on time, sources said.
“The proposal is with the Union government for approval as the project is a central project,” said Chennai Metro Rail managing director M A Siddique. “Pending the decision of the CCEA, the Government of India has permitted the state government to proceed with the project. Once the CCEA gives its clearance, the state is likely to get matching equity contribution from the centre,” Siddique said.
Sources said the Centre has neither said yes or no to the project. The state government has approved the proposal to build three corridors for a length of 118.9 km under Phase II of the Chennai Metro Rail project. It has sought matching funding from the centre and also loan assistance from bilateral/multilateral agencies.
The Phase II project entails the building of 128 stations and three rail corridors --- corridor 3 from Madhavaram to SIPCOT for 45.8 km, corridor 4 from Lighthouse to Poonamallee Bypass for 26.1 km, and Corridor 5 from Madhavaram to Sholinganallur (47 km).
The Japan International Cooperation Agency (JICA) has offered loan assistance of Rs 20,196 crore for building 52.01 km phase-II of the project linking Madhavaram and Sholinganallur (35.67 km) and Madhavaram and CMBT (16.34 km).
In-principle approval has also been obtained for funding of the remaining 66.89-km stretch through multilateral banks such as the Asia Development Bank (ADB). Commissioning of the entire first phase of the Chennai Metro Rail project is likely to be completed by the end of 2025 or 2026. “We have time till 2028 for completing Phase II of the project,” official sources said.