After securing loan from the Japan International Co-operation Agency (JICA) for 52 km of phase II, Chennai Metro is hoping to secure loan for the remaining 66 km of the project by the end of this year.
Of the ₹69,180 crore for the phase II project, ₹20,196 crore will come as a loan from JICA. The agency had approved the loan in February. But this is only for the 52 km of priority corridors — from Madhavaram to CMBT and Madhavaram to Shollinganallur — that will be constructed first. For the remaining stretch, CMRL has been in talks with various banks for a few months now, for a loan of ₹10,351 crore. “By the end of this year, we hope to get the loan sanction for the 66 km from these banks,” said a senior official.
The CMRL has also been contemplating about changing the color of trains in phase II. “In phase I, we had a standard blue colour for both stretches (blue and green line). But in phase II, we have been thinking about having colours for trains according to the colour of the line,” said the official.
In the 52-km corridor, 90% components like signalling and trains will be Japan based. “It’s part of the JICA loan and this condition was mandatory. So, as part of it, the trains can be manufactured in India or Japan. But a majority of the units will have to be from Japan,” another official said. “For the remaining 66 km, tenders will be floated and some of the major train manufacturing companies are from countries like France, Germany and China,” the official added.