New Delhi: The Union Cabinet is likely to consider a proposal to build a third metro corridor in Mumbai, which would run from Colaba to Bandra and Santacruz, in its meeting on Thursday.
Sources said the Urban Development Ministry had forwarded a proposal for the setting up of a 33 km long underground section that would connect Colaba to Bandra and would run further to Santacruz Electronics Export Processing Zone (SEEPZ).
Officials said while the previous two metro corridors in Mumbai, line 1 and line 2, were being developed in a Public Private Partnership (PPP) model, the third line would have the centre and the state government as stakeholders.
A part of the funding would be done by Japan International Cooperation Agency (JICA).
The cost of the project is estimated around Rs 23,000 crore.