The Railways has started the process of securing a loan worth $1,000 million from two major international funding agencies for the ₹33,690 crore Mumbai Urban Transport Project 3A (MUTP 3A).
The Mumbai Rail Vikas Corporation (MRVC) is in an advanced stage of talks with the Shanghai-based New Development Bank (NDB) and the Beijing-based Asian Infrastructure Investment Bank (AIIB) for loans worth $500 million each. The NDB also had its introductory mission last week.
According to railway officials, the two banks have expressed their interest in key projects under the MUTP 3A. The NDB has shown interest in the procurement of the 191 air-conditioned local trains and two new maintenance facilities that have been planned at Bhivpuri Road on the Central Railway and Vangaon on the Western Railway. The specifications of the 191 air-conditioned locals are being finalised.
The AIIB has said it is keen on providing financial support to upgrade the existing signalling system on the suburban network and introduce a communication based train control (CBTC) system across the network. The CBTC technology will enable the Railways to run more services at better frequency on the existing infrastructure.
The MRVC has already invited bids for a general consultant to help execute the CBTC project. Officials said the AIIB was also keen on financing the station improvement project, where 19 stations will be remodelled to provide better circulating area and access.
MRVC officials said they were in advanced stages of talks with the AIIB, which is also providing a loan for MUTP 3. The AIIB in November 2019 had announced its decision to provide a $500 million loan to finance three projects under MUTP 3.
In addition to the above mentioned projects, MUTP 3A has a series of suburban rail infrastructure projects, which include a fourth line between Kalyan and Asangaon, third and fourth line between Kalyan and Badlapur, fifth and sixth line between Borivali and Virar, and extension of the Harbour Line to Borivali.
