Mumbai: REC Ltd to provide Rs 30,483 crore loan to MMRDA for 9 metro rail projects

In a significant move, the Mumbai Metropolitan Region Development Authority and the state-run REC Ltd formerly known as Rural Electrification Corporation on Thursday signed an agreement for a loan worth Rs 30,483 crore for the upcoming 9 metro lines. The signing was done in the presence of Chief Minister Eknath Shinde and Deputy Chief Minister Mr Devendra Fadnavis after the MMRDA’s Board meeting.

REC, which is the Navratna company under the ministry of power, provides financial assistance to the power sector in all segments, be it Generation, Transmission or Distribution.

REC in May had approved a loan of Rs 30,483 crore for electrical and technical and related works. Today, the loan agreement was signed.

The Chief Minister’s Office said the funds will be used for financing the ambitious metro rail network in the MMR. This will help the Mumbaikars to have a smooth journey.

Meanwhile, Mr Shinde directed the MMRDA to speed up the development of various projects.

In order to reduce the traffic congestion in Mumbai, Thane and Navi Mumbai cities, the MMRDA has proposed a slew of projects worth Rs 17,214.72 crore. The MMRDA Board today approved o appointment of consultants to prepare the Feasibility Report and Detailed Project Report of these projects.

Bullet Train Project

The MMDRA Board today gave an ex post facto approval for handing over the land in the Bandra Kurla Complex to the National High-Speed Corporation for the construction of an underground terminus for the Mumbai Ahmedabad bullet train project.