Mumbai: The Maharashtra government is in talks with the Asian Infrastructure Investment Bank (AIIB) for funding the Metro 4 corridor, which connects Wadala to Kasarwadavali in Thane. “We have pitched Mumbai Metro Line 4 to AIIB and we are negotiating details with them,” Chief Minister Devendra Fadnavis, said at the sidelines of a panel discussion on Monday. He also added that 35% of the vehicular traffic could be reduced with the network of metro planned in Mumbai and Pune. The panel discussion was part of the third annual meeting of the AIIB.
At the panel discussion titled ‘Vision of Infrastructure Development in India’, Mr Fadnavis said, that the aim of the state government was to become US$1 trillion economy by 2025 and to align it with the national mission to be US$5 trillion economy. Enumerating the road map of infrastructure development, Mr. Fadnavis said that Maharashtra accounts for 15% of national GDP, more than 22% of India’s industrial output and 30% of India’s exports.
On the Mumbai Nagpur super expressway, he pointed out that 93% land for super expressway is in possession and the work will start after monsoon.
The 32.3 km long Metro 4, is the second longest metro line planned after the under construction Colaba-SEEPZ Metro 3. The tentative cost of the project is pegged Rs. 14, 549 crore. The Mumbai Metropolitan Region Development Authority (MMRDA) has already commenced preliminary work on the corridor.
Earlier in the day the Union Minister for Finance, Piyush Goyal said, India is looking forward to investments in nine more projects from the AIIB after having picked up almost 28% of the bank’s total lending so far, amounting to US$1.4 billion for seven projects.