Kochi: The Kochi Metro Board on Friday gave its approval to the agreement to be signed between the Delhi Metro Rail Corporation (DMRC) and the Kochi Metro Rail Ltd (KMRL) for the execution of the first phase of the Rs 5,180 crore project, the foundation stone of which was laid by Prime Minister.
It is expected that the agreement will be formally signed between KMRL and DMRC immediately, a KMRL press release said.
The board also discussed the changes to be made to the technical parameters pursuant to the adoption of the communication based CBTC System of signaling.
The board also approved the invitation of Expressions of Interest (EoIs) for preparing a master plan for the development of 17.315 acres of land at nearby Kakkanad.
KMRL intends to develop this area into a modern multi-utility centre combining the various requirements of the citizens of Kochi and it is expected that this facility will include urban amenities like markets and civic facilities as well as recreational centers.
The Kakkanad facility will also provide supplementary revenues for improving the financial bottom lines of the Kochi Metro Project.
The Board also discussed the various funding options and strategies for implementing the project.
Three new Directors-- C K Khaitan, Joint Secretary, Ministry of Urban Development in place of S K Lohia, Mahesh Kumar and Abraham Oommen were inducted as Functional Directors of Kochi Metro Rail Ltd.