The City and Industrial Development Corporation (CIDCO), the urban planning and infrastructure development authority of the Government of Maharashtra, has reached the financial close of its Navi Mumbai metro project by securing a Rs 5 billion credit line from the ICICI Bank.

The Navi Mumbai Metro Line-1 project is a three bus subway train. The length of the Belapur-Pendhar Line-1 is 11.1 km and includes 11 stations. The viaduct for this project has been completed and five of the 11 stations are ready for operation. All necessary approvals have been obtained for this line. Work on the other six stations is in full swing and the entire line is expected to be commissioned shortly.

“Because of Rs 500 crore line of credit from ICICI Bank, the works of Line No. 1 will be accelerated and it will be possible to travel on this line once the works are completed within the scheduled time. The sanctioned line of credit has, in a sense, stamped the credibility of CIDCO's projects,” said Sanjay Mukherjee, Vice Chairman and Chief Executive Officer of CIDCO.

The estimated cost for the Metro Line-1 is Rs 34 billion, of which Rs 26 billion has already been injected by CIDCO, Rs 5 billion will come from the bank credit line and the rest will come from CIDCO's internal accruals.