Gurugram: In an event organised at Mumbai, REC Limited signed a loan agreement with Mumbai Metropolitan Region Development Authority (MMRDA) for nine metro projects being developed in the Mumbai Metropolitan Region (MMR). The agreement was signed between REC Limited and MMRDA in the presence of Eknath Shinde, Chief Minister of Maharashtra and Devendra Fadnavis, Deputy Chief Minister of Maharashtra.
A major portion of the required funds, to the tune of Rs 14,434 crore is being extended by REC for Electro Mechanical [EM] works. Apart from this, REC has also in-principally agreed to loan Rs 16,049 crore towards Non-EM works. The Government of Maharashtra has declared the projects as 'Public vital infrastructure projects'.
The project will have many positive impacts like reduction in traffic congestion, saving in travel time, reduction in air and noise pollution and lesser consumption of fuel. The total route length of the nine lines funded by REC is 154 km.