New Delhi, Jul 4 (IANS): The cabinet Wednesday cleared the Rs.5,181.79 crore, 25.612 km Kochi Metro rail project to improve the public transport system in the southern city.
The network will comprise 23 stations, Home Minister P. Chidambaram told reporters after a cabinet meeeting. The proect is headed by E. Sreedharan, who was responsible for creating the Delhi Metro.
"It will be fully elevated and will run from Alwaye to Petta on standard gauge," said Chidambaram.
The central government's share will be Rs.1,002.23 crore and that of the Kerala government Rs.l,772.23 crore.
The project includes an external debt element of Rs.2,170 crore and state taxes, including escalation, of Rs.237.33 crore, Chidambaram said.
The project will be executed by a special purpose vehicle of the central and state governments with 50:50 equity.
The project is scheduled to be completed in four years from the date work starts.