Finance model for third metro line almost ready

MUMBAI: The government is pushing the third line of the Mumbai metro on a public private partnership (PPP) basis and will finalise the financial model for the Rs 9,000-crore project in the next two weeks.

The joint commissioner of the Mumbai Metropolitan Region Development Authority (MMRDA) S Srinivasan said the line would be from Colaba to Bandra and link up with the airport. “The government is in favour of the PPP model and the plans should be ready shortly,’’ he said.

Metro officials point out that the PPP model is being used for the first two lines. It entails that a private operator must build the line and then operate it for 35 years before handing it back to the state government. This model is becoming popular around the globe as governments and city authorities which are strapped for cash find it difficult to pledge huge funds for developing public projects.