Water,Infrastructure sector projects by City and Industrial Development Corporation in
Project Information
5745
City and Industrial Development Corporation
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<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">Maharashtra government's ambitious Rs
1,300-crore Eastern water transport project, which is expected to fastrack
daily commuting between Mumbai and Navi Mumbai, will now be part-financed by
the City and Industrial Development Corporation (CIDCO). </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">The Maharashtra State Road Development
Corporation (MSRDC), which is the implementing agency for the inland waterway
project, will get a secured loan from CIDCO to the extent of 35 per cent of the
total cost or Rs 400 crore at an interest of 9 per cent. </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">Earlier, the government had decided to
implement the project on public private partnership (PPP) basis, but it did not
receive the expected response. </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">The project, proposed along the East Coast of
the city connecting Navi Mumbai and Mumbai, will now be developed on the
engineering, procurement and construction (EPC) model. </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">"We will be funding the project through
debt, which would be to the extent of 35 per cent (around Rs 400 crore) of the
project cost at an interest of nine per cent," Cidco Vice Chairman and
Managing Director Sanjay Bhatia told PTI here. </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
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12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">CIDCO has, however, imposed two conditions for
providing the loan-passenger ratio derived by MSRDC. It should be verified from
a third party like the IIT to check the viability and there should be a joint
monitoring committee of government, MSRDC and Cidco officials to monitor the
project. </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">"We have given this proposal to MSRDC and
they will submit it to the government," Bhatia said. </span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white"> </span></p>
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12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">The Eastern transport project, which involves
construction of ferry terminals at three locations--Ferry Wharf, Nerul and
Mandwa -- has already received the Union Environment Ministry's Experts
Appraisal Committee (EAC) in-principle approval. </span></p>
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12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
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<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">"The project is now before the state
government's sub-committee on infrastructure for its approval. We have decided
to take up this project on a war footing basis," MSRDC Vice Chairman and
Managing Director Anil Diggikar said. </span></p>
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<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
12.0pt;background:white"><span style="font-size:11.5pt;font-family:"Georgia","serif";
color:#3F3F3F;background:white">Meanwhile, MSRDC is also working on western
transport project, which will make commuting between the western suburbs and
the island city more efficient and faster. This project too was green-signalled
after environmental clearance. </span></p>
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water transport terminals planned for the western project are: Nariman Point,
Bandra, Juhu, Versova, Marve and Borivli..</span><!--[if gte mso 9]><xml>
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Project Value
INR 1300 Crore /-
Fund Mobilization Stage
Maharashtra
India
Water,Infrastructure
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