Last year, the Lucknow Metro Rail Corporation (LMRC) Board of Directors meet chaired by union ministry of housing and urban affairs secretary Durga Shanker Mishra had approved the reconstitution of LMRC as a single Special Purpose Vehicle (SPV) named UPMRCL.
The Board had also endorsed the revised Detailed Project Report (DPR) of proposed East-West Corridor of Lucknow Metro project tabled by LMRC managing director Kumar Keshav at its 32nd meeting at Chennai in June 2018. The East-West corridor spanning 11 km is touted to cost nearly Rs 5,500 crore.
On 17 January, 2018, the Adityanath cabinet had approved three proposed metro rail projects in Agra, Kanpur and Meerut at an investment of almost Rs 47,000 crore. The required funds would be raised through share equity, debt and borrowings from financial institutions.
The Agra, Kanpur and Meerut metro rail projects would span investment of almost Rs 14,000 crore, Rs 18,000 crore and Rs 15,000 crore respectively. The three metro services are projected to be operational by 2024.
Of the total investment required, about 57 per cent would be pooled through raising of long term credit from bilateral/multilateral financial institutions, which would be facilitated by the Centre. The aggregate borrowings for Agra, Kanpur and Meerut metro projects would stand at Rs 7,200 crore, Rs 9,300 crore and Rs 7,500 crore respectively, which totals almost Rs 24,000 crore.
Earlier, LMRC, which was only operating metro services on the North-South Corridor on a 8.5 km priority section, had received a credit line of Rs 3,500 crore from European Investment Bank (EIB). The entire Corridor, which is now operational, entailed total investment of nearly Rs 6,900 crore.
Under the existing metro policy, the Centre and the respective states contribute equal share capital, while the remaining funds are sourced through debt and borrowings.