To expedite the work on the Metro network in Noida and Greater Noida, which would ensure swift integration of the cities with the rest of the NCR, a company under the name of Noida Metro Rail Company was approved for formation on Monday. The approval comes close on the heels of chief minister Sheila Dikshit writing to the central government that the Delhi Metro Rail Corporation should not be saddled with work outside the NCT as it is has enough on its plate.
The decision came in the Noida Board’s 179th meeting, where chairman and CEO Rama Raman said the company would be formed on the lines of DMRC. “An initial capital of Rs 1,000 crore will be allocated. A special purpose vehicle (SPV) between Noida and Greater Noida would be set up for undertaking construction of the proposed Metro projects,” Raman said.
In the beginning, this SPV would be registered in UP under the Companies Act and will be wholly owned and funded by Noida and Greater Noida. “Whether there will be equity participation from the state governments as well, is yet to be decided,” Raman said. NMRC will have a board of directors with a managing director other than the chairman of the Noida Authority. The board will also have a representation from the Uttar Pradesh government, Raman said. A core team of officials will be formed besides appointing nodal officers for the projects.
The Authority will now send the proposal to the UP government for approval. Once we get the go-ahead, we will start work on documentation for formation of this entity. The target is to have the company ready within the next two months, Raman said. The SPV will undertake not only Metro projects for Noida and Greater Noida but also the extension of routes in other UP cities, he added.
The CCEO said the SPV would take up the 29.7km Noida-Greater Noida corridor. Estimated to cost Rs 5,064 crore, it would not only provide a fast link between the two townships but also bring these places closer to Delhi. The elevated line will have 22 stations connecting some of the busiest spots across Noida and Greater Noida. The Metro rail extension from the City Centre Metro line by 6.67km to Sector 62, touching NH-24 is also likely to be taken up by the SPV, sources said. The joint board meeting also gave its nod to an MoU between Noida and DMRC.