Kolkata: Railways which had in-principal
decided to take a majority stake in the over Rs 4,000-crore
East-West Metro project here will not proceed with the
"It has been decided that the Railways will not
takeover the East-West Metro rail project as complete funding
will be an issue," West Bengal Minister of State for Urban
Development Saugata Roy said.
The project will be implemented under the previous
formula, Roy said on the sidelines of the fourth anniversary
celebrations of the Second Vivekananda Bridge.
The 13-km stretch both underground and elevated
between Salt Lake Sector-V and Howrah, according to the
earlier formula, was to be implemented jointly by the West
Bengal Government and the Union Urban Development Ministry.
The total project cost estimated at Rs 4,676 crore
would be borne by the Kolkata Metro Railways Corporation.
45 per cent loan for the project cost will come from
the Japan Bank for International Cooperation.