Centre releases Rs 250 crore to DMRC for Phase III projectNew Delhi: Central government has released its equity contribution of Rs 250 crore to the Delhi Metro Rail Corporation (DMRC) for construction work of Phase III projects."We have released an amount of Rs 250 crore
New Delhi: Central government has released its equity contribution of Rs 250 crore to the Delhi Metro Rail Corporation (DMRC) for construction work of Phase III projects.
"We have released an amount of Rs 250 crore to DMRC as part of the Government of India's share towards equity for meeting the cost of Delhi MRTS Phase III projects for the current 2014-2015 year," said an official of Ministry of Urban Development.
The official said that this amount shall consist of 25,00,000 shares of face value of Rs 1,000 each.
"The audited statement of account relating to transfer of this amount of Rs 250 crore to the equity of DMRC shall be furnished to Urban Development Ministry after the close of financial year together with a certificate that the amount has been utilised for the purpose for which it was sanctioned," the official said.
He said that a total amount of Rs 7883.36 crore has been released earlier as equity to DMRC by Urban Development Ministry.
One and half months back, Delhi government had also released its equity contribution of Rs 200 crore to DMRC for construction work of Phase III projects with some strict terms and conditions.
"Interest earned on equity before issue of shares, if any, would be adjusted against the contribution of Delhi government. Besides, DMRC would ensure time-bound progress of the project. It would also furnish monthly physical and financial progress to transport, planning and finance department," Delhi government had said while releasing fund to DMRC.