Financial closure of CIDCO’s Navi Mumbai Metro

In a major step towards running of Metro in the satellite township of Navi Mumbai, the City and Industrial Development Corporation (CIDCO) received financial backing as it signed an agreement with the Industrial Line of Credit and Investment Corporation of India (ICICI) for a line of credit of Rs. 500 crores.

Due to the line of credit sanctioned by ICICI Bank, the financial closure process for the Metro Line 1 project has been completed.

“Due to Rs. 500 crore Line of credit facility from ICICI Bank, works of Line no. 1 will be expedited and it will be possible to travel on this Line as soon as the works are completed within the scheduled time.