CIDCO signs agreement with ICICI Bank for Rs 500 crore line credit for upcoming Navi Mumbai Metro project

The City and Industrial Development Corporation (CIDCO) said that the process of financial closure of line number 1 of the upcoming Navi Mumbai Metro project has been completed with the signing of an agreement between CIDCO and ICICI Bank for the Rs 500 crore line of credit.

CIDCO signed an agreement for the industrial line of credit for Rs 500 crore with the Industrial Credit and Investment Corporation of India (ICICI). With this, the financial closure process for the metro line no. 1 project has been completed, CIDCO said in a release.

Speaking about the major milestone, CIDCO vice chairman and MD Sanjay Mukherjee told PTI that the works on line number 1 of the project will be expedited.

Due to the Rs. 500 crore line of credit facility from ICICI Bank, the works of Line no. 1 will be expedited and it will be possible to travel on this line as soon as the works are completed within the scheduled time. The sanctioning of the line of credit has in a way put a stamp on the credibility of CIDCO's projects, he said.

The estimated cost of the Metro line-1 project is Rs 3,400 crore, out of which Rs. 2,600 crore are already infused by CIDCO, Rs. 500 crore is from the bank's line of credit while the remaining amount will be CIDCO's internal accruals, the release said. Navi Mumbai Metro Line 1 project is a three-coach metro train. The 11.1-km Belapur to Pendhar stretch of the project comprises 11 stations.