Kerala chief minister Oommen Chandy on Wednesday said that all the clearances from the Union government for the Kochi metro rail project will be accorded before March 31, 2012. He said that he had got the assurance in this regard from the Centre.
Work on the project, which is in full swing at the North Over Bridge and near the KSRTC bus station at Kochi, will proceed as per the schedule. The project has to get the approval from the Public Investment Board (PIB), the chief minister said, adding that the meeting of the board will be held soon.
The PIB will recommend the project to the Cabinet, which has to approve the project. All these formalities will be completed within this financial year itself, he said.
The Kochi metro rail project is expected to be implemented in line with the Chennai metro project with a substantial portion of central investment. The PIB should recommend for such investments. According to the present format of the major infrastructure project of Kochi, Centre will take stake holding in the Kochi Metro Rail Corporation (KMRC), a special purpose company formed to implement the project.
The chief minister also said that the government will soon apply for loan from the Japan International Cooperation Agency (JICA) once the central nod was accorded.