Chennai: The Tamil Nadu Government today announced that it would implement the metro rail project, envisaged to ease traffic congestion in the metropolis, at an estimated cost of Rs 9,757 crore.
The State Cabinet, which met here under Chief Minister M Karunanidhi, had given its approval to the project.
The Government would seek financial assistance and loan from the Centre to implement the project. Additionally, the Japan Bank for International Cooperation was also expected to fund the project.
The metro rail project would be implemented through a special purpose vehicle, ‘Chennai Metro Rail Ltd,´ to be jointly set up by the State Government and the Centre.
Based on a detailed feasibility report prepared by the Delhi Metro Rail Corporation, the project had been designed to comprise two corridors -- one extending from Vannarapettai to Meenambakkam airport via Egmore and Teynampet and another metro line from Fort St George to St Thomas Mount via Anna Nagar, Vadapalani, Ashok Nagar and Alandur.
Of the total 46.5 km stretch, about 20 km would be underground and the remaining line would be elevated, the release said.
As per a decision taken at the meeting of leaders of legislature parties on May 22, 2007, the state Cabinet also decided to hand over to the Airport Authority of India 1069.99 acres of land identified for expansion and modernisation of the airport here.