Search
The Indian Express

The Financial Express

Latest News

Screen

Express Computer
Feedback
Travel

Matrimonials

Careers

Lifestyle

Astrology

E-Cards

Holi
Columnists

Graffiti

Crossword

Letters

Environment

Jewellery
Info-tech

Power

Steel

Advertisers Forum

Business Forum

Morning Digest

In association with Amazon.com

Books Music

Enter keywords


INDIAN EXPRESS FRONT PAGE

Politics

Business

Expressions

General

World

Sports

Leisure

States

 

Thursday, March 4, 1999

Cash-strapped CIDCO slows down Navi Mumbai railway projects

Sandeep Unnithan  
MUMBAI, MAR 3: Severely hit by the real estate slump, a cash-strapped City Industrial Development Corporation (CIDCO) has slowed down payments for railway projects in Navi Mumbai.

Last year, CIDCO promised the railways Rs 128 crore for constructing station buildings and an additional Rs 32 crore for purchasing five rakes, meant for rail services on these new projects in Navi Mumbai. However, they gave only Rs 15 crore. ``Peanuts,'' says the railways.

``We have already spent over Rs 40 crore more than we should have,'' railways sources told Express Newsline. Railway officials have repeatedly emphasised the need for a quick infusion of funds for the project but in successive meetings, CIDCO has asked them to wait until they received a Rs 400-crore loan from the Housing and Urban Development Corporation (HUDCO) sometime this year.

However, CIDCO's Managing Director A P Sinha denied that any of the projects had been delayed. ``There is no delay, the work is going on as per schedule,'' he said.

Whenasked about the delay in the release of funds, Sinha said: ``Funds will be provided according to our requirement. No sanctioned project is held up. This is a matter between two government departments. We will schedule it according to our convenience,'' he added.

The three projects are being jointly undertaken by CIDCO and the railways since 1996, with CIDCO bearing two-thirds or 67 per cent of the project costs and the railways, a third. But the railways says it is overspending way beyond its stipulated limit.

It alleges that the delay has resulted in the modification or downsizing of three railway projects, vital for the development of Navi Mumbai. These include the Rs 403-crore Thane-Turbhe-Nerul link, the Rs 496-crore Belapur-Seawood-Uran link and the second line between Belapur and Panvel.

By March 2000, the Thane-Vashi corridor will be commissioned and the Thane-Nerul will be completed by March 2001. ``It's just a year away but there is no sign of the five station buildings along the line,'' saysan exasperated railway official. ``We have decided to complete the line without any frills,'' he said adding that the railways have proposed to replace these buildings with temporary shelters.

The track between Panvel and Belapur is ready and the lines electrified a year ago, but CIDCO has yet put up the signalling buildings in Kharghar, Khandeshwar and Panvel, required to protect the equipment in the rain. The railways have now decided to go in for location boxes in a bid to commission the second line by September this year.

The uncertain financial support from CIDCO has resulted in the railway reducing its commitment to at least one of these projects as was apparent from last week's railway budget. The budget allocated only Rs 7 crore for the Seawood-Uran doubling project, down from the Rs 18 crore it got the last year. ``Because we are not assured of funds from our counterparts,'' said a railway official. Uncertainty now dogs this Rs 496-crore project that was to have been completed by March2002.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


Top


Ashwa Energy Capsules

Maruti Udyog Ltd.

 

Click here for a printer-friendly page Printer-friendly page



EXPRESSindia.com
News   Business    Sports   Entertainment
The Indian Express | The Financial Express | Latest News | Screen | Express Computers
Travel | MatrimonialsCareersLifestyle | Astrology
E-Cards | Graffiti | Environment | Jewellery | Info-tech | Power