"We have decided to go ahead with PPP model for constructing Charkop-Bandra-Mankhurd Metro Rail line, Metropolitan Commissioner Ratnakar Gaikwad said.
The decision comes soon after the creation of the Mumbai Metro Rail Corporation, on the lines of its counterpart in Delhi, to fund the construction of the metro rail corridors.
Union Urban Development Minister Jaipal Reddy had on Wednesday announced the Centre's decision to provide viability gap funding to the tune of Rs 4,500 crores for the Metro Rail Project.
Earlier, the government was contemplating building the remaining metro lines on its own due to the high viability gap funding that would be required.
The first corridor linking the eastern suburb of Ghatkopar to western Versova is already under construction and is being built by the Mumbai Metro One Pvt Limited on the PPP model.
The Mumbai Metro One was formed by a consortium led by Reliance Energy Limited.
The Maharashtra government plans to build 9 metro corridors in three phases across the city as part of the Mumbai Metro Rail Project.
