Tender for Mumbai's Metro phase 3 to be floated in July.

The Mumbai Metro Rail Corporation (MMRCL) will issue detailed tenders for the 32.5-km Metro-3 by July 2014 and award the project by October 2014.

The project is expected to cost Rs. 23,136 crore.

The construction of the Colaba-Bandra-SEEPZ underground metro corridor, to be awarded on EPC (engineering, procurement and construction) basis, is expected to begin in January next year .

The Japan International Co-operation Agency will fund 57 per cent of the project cost.

'The Government of India and Government of Maharashtra-through MMRDA will bear the rest of the cost. The GoI will provide 50 per cent of Central Taxes as sub-debt while the balance 50 per cent shall be borne by the State Government. The GoM may also get a few exemptions from various local taxes - details of which are being worked out,' said Sanjay Sethi, Managing Director, MMRCL and Additional Metropolitan Commissioner, MMRDA.

HBL