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With Metro rail projects worth nearly Rs 50,000 crore lined up for execution in Mumbai over the next decade, the World Bank has evinced interest in funding these works at competitive rates, thus opening up more financing options for the city’s development authority.
The board of directors of the city’s railway think tank, the Mumbai Rail Vikas Corporation (MRVC), on Thursday approved the eight railway corridors - many of which were proposed by the Mumbai Metropolian Region Development Authority (MMRDA) early this year.
“The 165-metre-long new tunnel will be built at an approximate cost of Rs5.5 crore. The tunnel will be bore through Nutan Hill, a hillock on Parsik Hill. The hillock has been named after the actress Nutan, who owned a bungalow there," a senior MRVC official said.
The first phase of mono rail stretching from Chembur to Wadala should start operation by August 2012, Textile minister Mohammed Arif Naseem Khan, who is the Guardian Minister of Mumbai suburbs said at a review meeting of MMRDA officials on Tuesday.