Cabinetâ€™s Green Flag For Mumbai Metro Line-3 Corridor Mumbai: The Mumbai Metro Line-3 from Colaba-Bandra-SEEPZ corridor has gained green flag from the Union Cabinet to commence the construction process. The Cabinet has also permitted the conversion of the existing state level Special Purpose Vehicle (SPV) â€“ Mumbai Metro Rail Corporation through a Joint Venture company of the Indian government and Maharashtra government. The equity participation for implementing the project is outlined on 50:50 basis index.
The project worth Rs23,136 crore will spread over a stretch of 33.5 km and will be developed as a standard gauge, as per the Detailed Project Report submitted. Moreover, construction over the project expected to commence from this fiscal is expected to be complete within six years duration, i.e. is by March 2019. The project is expected to resolve the prevalent concerns of traffic congestion within the city. EPC World News Bureau