New Delhi, August 16: The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved the Thane Integral Ring Metro Rail Project corridor of Maharashtra. The 29-km corridor will run along the periphery of the west side of Thane city with 22 stations. The network is encompassed by Ulhas River on one side and Sanjay Gandhi National Park [SGNP] on the other.

This connectivity would provide a sustainable and efficient mode of transport, facilitating the city to realize its economic potential and ease traffic congestion on the roads. The project is also expected to contribute to the reduction of greenhouse gas emissions. The estimated cost of the project is Rs.12,200.10 crore, with equal equity from the Government of India and the Government of Maharashtra as well as part-funding from bilateral agencies. Thane Integral Ring Metro Rail Project Approved: PM Narendra Modi Says ‘We Constantly Strive To Provide Modern Infrastructure to Maharashtra’ After Centre Gives Nod to INR 12,200 Crore Project.

Funds would also be raised through innovative financing methods such as by selling Station naming and access rights for corporate, monetization of assets, Value Capture Financing route. The corridor that connects major business hubs would provide an effective transport option for large section of employees. The Project is likely to be completed by 2029. PM Modi Chaired Cabinet Approves 5 Major Infra Projects: 3 Metros in Bengaluru, Pune, Thane and Airports in West Bengal's Bagdogra and Bihar's Bihta.

More importantly, the Metro line would benefit thousands of daily commuters, especially students and those commuting every day to office and work areas by providing faster and more economical transport options. The project would result in total daily ridership on the metro corridors for the years 2029, 2035 and 2045 by 6.47 Lakh, 7.61 lakh & 8.72 lakh passengers respectively. Maha Metro will execute the project, along with civil, electromechanical, other associated facilities, works and related assets. Maha-Metro has already started the pre-bid activities and preparation of Tender documents. The contracts will be floated immediately for bidding.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)