NEW DELHI: With Delhi govt initiating the exercise of preparing the revised budget estimates for the 2024-25 financial year, DMRC has sought over Rs 6,200 crore to meet various capital and revenue expenses.
In a letter to the transport department of Delhi, DMRC has stated that it will need Rs 2,872 crore to pay its share of the loan taken from Japan International Cooperation Agency (JICA) to expand the metro network in the capital, and over Rs 2,000 crore for the exchange rate fluctuation, which needs to be released this year.
The agency has also sought funds for the Phase 3 expansion of the network and the construction of Phase 4 corridors.
A joint venture between Delhi and central govts, DMRC operates a 393-kilometre metro network in the capital and NCR, while the construction of a 65-km long, three-priority corridors is progressing at a fast pace and is likely to be completed by 2026.
Apart from equity from Delhi and central govts, the agency has taken soft loans from JICA on easy terms to build a massive metro infrastructure connecting various parts of the city and neighbouring Gurgaon, Faridabad, Noida, Ghaziabad and Bahadurgarh.
Officials said that according to the revised completion cost calculated by the Union ministry of housing and urban affairs (MoHUA) for Phase 3 expansion, Delhi govt is required to contribute Rs 2,415 crore. Of this amount, DMRC has sought a provision of Rs 724.74 crore in the revised estimates of the current year’s budget.
The agency has also asked for Rs 400 crore for capital expenditure for the “smooth execution” of Phase 4. In a communication to the transport department in Oct 2023, DMRC had sought Rs 1,772.86 crore — Rs 900 crore for capital expenditure and Rs 822.86 crore as a grant towards operating losses — in the budget estimates for 2024-25. However, Delhi govt made an allocation of Rs 500 crore under the capex account, which was subsequently released to DMRC.
In his letter to the transport secretary a few days ago, DMRC’s director of finance stated that the agency was in urgent need of Rs 4,872 crore, which had to be paid to JICA. “While funds to DMRC on account of capex requirement for Phase-III and IV projects may be released in suitable instalments and as per the requirement of the project, dues on account of unpaid JICA loan and exchange rate fluctuations to be paid to MoHUA may have to be released in one go,” the letter from DMRC to the transport secretary read.
DMRC has also sought Delhi govt’s share of Rs 1,645.72 crore towards the reimbursement of operating losses for the financial years 2020-21 and 2021-22 in “suitable instalments”.
