The Rapid Rail project between Delhi and Meerut is all set to go on stream as the Public Investment Board (PIB) is set to grant permission for development of the first corridor of the rapid rail. Once the project is ready, travel time between the two cities of Delhi and Meerut would only take 55 minutes.
This development comes on the heels of the Uttar Pradesh government agreeing to pay its share of equity for building the rapid rail link which is estimated to cost Rs. 31,600 crores. The Delhi government has also given its in-principle approval for the project which is going to be implemented by the NCR Transport Corporation.
The Special Purpose Vehicle (SPV) has been set up by the Central Government with the National Capital Region (NCR) states including Uttar Pradesh and Delhi all having a stake in the same.
Reports indicate that the funding for the project would be divided between multilateral funding agencies (60 per cent of cost), the Central Government (20 per cent) and the respective State Governments (20 per cent).