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Tamil Nadu
Metro rail project: India, Japan to exchange notes
Special Correspondent
CHENNAI: Representatives of the Governments of India and Japan will exchange notes on September 8 for the formal loan agreement in connection with the Chennai Metro rail project, in the presence of Chief Minister M. Karunanidhi.
This would facilitate the receipt of Rs. 851 crore, the first instalment from the Japanese government towards the project, Chennai Metro Rail Company sources said on Sunday.
The Chennai Metro rail project is estimated to cost Rs. 11,124 crore, excluding cost escalation and taxes. Of this, the Japanese government will fund Rs. 8,646 crore and the remaining cost will be shared by the Central and State governments, at a 20: 20 ratio approximately, sources added.
To be completed in six years
The project will be completed in about six years from the date of its commencement.
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