Japan International Cooperation Agency (JICA) and the Government of India (GoI) have signed the loan agreement for the final tranche worth Rs 44.74 billion (JPY 84,261 million) for the Mumbai metro phase I line 3 project (Colaba-Bandra-SEEPZ).
Besides, JICA has also expressed interest in funding the extension of line 3 to Navy Nagar, Mumbai which is likely to entail an investment of Rs 25 billion.
Line 3 of the Mumbai metro involves the development of an underground metro rail system in Mumbai connecting Colaba to SEEPZ via Bandra covering a distance of 33.5 km with an investment of Rs 372.76 billion. The project, which is being implemented by Mumbai Metro Rail Corporation Limited (MMRCL) on an engineering, procurement, and construction (EPC) basis, consists of a total of 27 stations.