MEGA posts Rs 9.62 crore loss for financial year 2012-13

Metrolink Express for Gandhinagar and Ahmedabad (MEGA) Company, which was formed to lay a metro railway route here, registered a loss of Rs 9.62 crore for financial year 2012-13, its annual report tabled in the Gujarat assembly today said.
MEGA, a Gujarat state government initiative, was set up to provide a direct metro railway train facility in Ahmedabad. The project was then converted into a company four years ago. Today, for the first time, the Gujarat state government tabled all the three financial reports, for the year 2010-11, 2011-12 and 2012-13, in the Gujarat assembly.
Though the company was formed four years ago, no significant progress has been made in the project. As per the annual report of 2012-13, MEGA incurred a loss of Rs 9.62 crore against Rs 1.67 crore of loss in 2011-12.

The Gujarat state government has spent Rs 565.60 crore during last two years on the project, a written answer given by Gujarat Chief Minister Anandi Patel said, answering a question raised by Khedbrahma MLA Ashwin Kotwal in the Gujarat assembly.
Patel said that the Gujarat state government wishes to complete the first phase of the MEGA project by 2018 and complete the entire project by 2022.
In her message to share holders in the annual report, MEGA Chairman Manjula Subramaniam stated that the company plans to revise the Detailed Project Report and implement the project in a phased manner within Ahmedabad city. "We expect to commence construction work of phase-1 by the end of 2014," the message said.

Earlier, the Gujarat state government sent the old Detailed Project Report to UPA government for approval and allocation of funds, which rejected the report.