The Chennai Metro Rail is likely to spend around ₹13,000 crore to construct the Light House to Poonamallee corridor, which is part of the Phase II project.
According to sources, it plans to start construction of this corridor as soon as the loans from foreign banks are sanctioned.
‘Talks soon’
“We have got an in-principle approval from the World Bank, Asian Development Bank, New Development Bank and European Investment Bank. But there will be various rounds of discussions after which it will be decided which banks will be extending loans for this project and the extent of loan of this ₹13,000 crore. It may take a few weeks to finalise it,” a source said.
The Metro Rail will wind up Phase I in a few weeks, with the inauguration of its final stretch from AG-DMS to Washermanpet. Of 119 km in the Phase II project, the work will first start for 52 km between Madhavaram and CMBT and Madhavaram to Shollinganallur, which will cost around ₹44,000 crore.
