Government on Wednesday gave its nod to a proposal for extension of over nine km for first phase of Chennai Metro rail project at a cost of Rs 3,770 crore.
"The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has given its ex-post facto approval to the proposal for Chennai Metro Rail Phase-I Project from Washermanpet to Wimconagar.
"It covers a length of 9.051 km at a total cost of Rs 3,770 crore," an official statement said.
To be completed by March 2018, the project will be executed by the existing Special Purpose Vehicle (SPV)--Chennai Metro Rail Ltd-- in which the Centre and Tamil Nadu government have 50:50 equity.
Out of the total project cost, Indian government's share will be Rs 713 crore while that of the state government Rs 916 crore, which include cost of Land and Rehabilitation & Resettlement (R&R) of Rs 203 crore. The balance amount of Rs 2,141 crore will be met from loan.
"This extension will provide improved access to public transport for dense population comprising predominantly industrial workers to move towards the central business district of the city for work," the statement said.
The estimated ridership will be 1.6 lakh passengers per day in the first year of operation, it added.