New Delhi: The Public Investment Board (PIB) in the Finance Ministry is understood to have cleared the 23 km-long Lucknow Metro Project on Thursday at an estimated cost of over Rs 6,900 crore.
The Uttar Pradesh government has been making a strong pitch for the Lucknow Metro project before the Finance Ministry for approval of the multi-crore project.
Phase-IA of the project between CCS Airport and Munshi Pulia is estimated to cost Rs 6,928 cr with a route length of 22.88 km, according to a senior Urban Development Ministry official.
This includes elevated stretch of 19.44 km and underground section of 3.44 km.
The project will be implemented as a joint venture of the Centre and Uttar Pradesh government. The Metro project is understood to have been cleared by the Finance Ministry, the official added.
Central assistance will be of the order of Rs 1,330 cr including equity of Rs 1,003 cr and the rest as Subordinate Debt. Equity of the UP government will also be Rs 1,003 cr.
The balance has to be mobilised by the state government.