A loan agreement between Japan International Cooperation Agency (JICA) and the Indian government is likely to be signed in a fortnight to formalise funding of the third metro rail for Mumbai between Colaba-Bandra-SEEPZ.
According to sources, formalities and discussions between the government and the Japanese funding agency have reached the final stages and “an important announcement is likely to be made shortly concerning the Mumbai Metro project”.
The 32-km-long third corridor will be entirely underground. Once the memorandum of understanding is inked by the department of economic affairs, the next step will be appoint a project management consultant for the project.
The consultant will review the entire project including the technical work done by earlier consultant — the topographical surveys, geotechnical investigations, utility mapping, building condition surveys, traffic diversion plans, station designs, preliminary tunnel designs, car depot designs, etc.