Mumbai: MMRDA To Appoint Financial Consultant To Raise Funds Of Rs 16,600 Crores For Thane-Borivali Underground Route
5 months ago
Mumbai, 7th May 2023: The Thane-Borivali underground route is expected to cost Rs 16,600 crore and the Mumbai Metropolitan Region Development Authority (MMRDA) will have to face the big challenge of raising this fund. Hence, a financial consultant will be appointed for raising the loan, for which MMRDA has invited tenders.
MMRDA has decided to construct an 11.8 km long underground route between Thane–Borivali. The project was initially expected to cost Rs 11,235.43 crore. But, according to the revised plan prepared by MMRDA, the cost of the project has gone up to Rs 16,600 crore. The earlier plan included the work of only two tunnels but the said plan contained many errors. Therefore, MMRDA has prepared a revised plan.
According to this plan, an approximately 700 meters long flyover will be constructed on Ghodbunder road towards Thane to make it easier to reach the tunnel. An approximately 500-meter-long subway will be constructed here, along with an 850-meter-long subway towards Borivali. This led to a huge increase in the cost of the project.
Also, while constructing the flyover, subway, modern fire fighting system, electrical system, and ‘open road tolling’ system will be implemented in the tunnel. Also, the double tunnel will have pedestrian cross passages every 300 meters. Due to this, the cost of the project has increased.
Funds of Rs 16,600 crores are required for this project. SVR Srinivas informed that a financial consultant will be appointed to raise this fund in the form of a loan. MMRDA has issued a tender for the appointment of a Financial Advisor. Soon a financial advisor will be appointed to determine how to raise the loan and how to repay the loan.
MMRDA has appointed Megha Engineering Infrastructures Pvt Ltd for the Thane-Borivali underground route. Now, the actual construction will be started after monsoon, after the completion of the other processes.