Nagpur Metro’s 38.215 km Phase 1 project yesterday achieved financial closure after S.Selvakumar, Joint Secretary of the Department of Economic Affairs at the Ministry of Finance, and Nicolas Fornage, Regional Director for South Asia at Agence Française de Développement (AFD) signed a €130 mn (Rs 975 cr) loan agreement deal for the project’s development in Delhi. This is the second major loan agreement for the project after the April 2016 KfW loan agreement for €500 mn (Rs 3772 crore).
The loan has a term period of 20 years with a moratorium of 5 years, and will be disbursed in tranches over the course of the project. The interest rate will based & derived from the Euro Interbank Offered Rate (Euribor) plus a fixed component of 0.60%. Its proceeds will specifically go towards purchasing equipment & services related to Signalling, Telecom, Automatic Fare Collection System, Elevators and Escalators. Bids for these sub-systems have been invited and contracts are expected to be awarded by the mid-2017.
— Alexandre Ziegler (@FranceinIndia) November 17, 2016
Now is a good time to recap the status of the Nagpur’s Metro project where construction work on 2 stretches is underway – see a list of contractors here. For recent construction images, check out my Twitter feed where I share construction images from all over the country.
Besides awarding the rolling stock contract to CRRC Corp which raised quite a storm in the country, the Nagpur Metro Rail Corporation also recently concluded the bidding stage for the 10.387 km Lokmanya Nagar – Jhansi Rani Square ‘Reach 3’ section by finalizing & awarding contracts to ITD Cementation for constructing 10 stations, and to Afcons Infrastructure for constructing its elevated viaduct.
Green: Under Construction (22.497 km) | Black: Construction Bids Yet to be Invited (15.718 km)
With financial closure achieved, bids for constructing the portions in black (Reach 2, Reach 4 & Sitabuldi Interchange station) are expected to be invited in the coming months. Overall, I’m expecting the entire Phase 1 project to become operational & open to users by 2022.
For more updates, check out the Nagpur section of The Metro Rail Guy!