The Cabinet on Thursday gave clearance for the Rs 23,136 crore Mumbai Metro line-3, while giving the nod to form a joint venture between the Centre and Maharashtra government.
“It would be a 50:50 venture by converting the present special purpose vehicle (SPV). The line would cover Colaba, Bandra and Santacruz Electronics Export Processing Zone. This would cover a total of 33.5 kilo metres,” finance minister P Chidambaram said on Friday. The project is scheduled to be completed by March 2019, while work is expected to start by this financial year. The existing SPV, called MMRC, would be converted into a join partnership in line with the Delhi, Bangalore, Chennai and Kochi metro projects.
Another decison the Cabinet took was approving the proposal by YES Bank to raise Rs 2,650 crore (Rs 26.5 billion) through qualified institutional placement of its equity shares. Through this, foreign equity participation in YES Bank can be increased up to 60 per cent.
The Cabinet cleared the proposal for setting up a national network of laboratories by the health ministry, at a cost of Rs 646 crore (Rs 6.46 billion) during the 12th