Chandigarh Metro: Finally MoU officially formalised
The long pending Memorandum of Understanding for the execution of Chandigarh metro has been officially formalised after the ministry of urban development has signed the document and sent it back to the local administration to further initiate the formation of Special Purpose Vehicle. Punjab, Haryana and UT have already signed the document last month. The administration has begun the process to form Special Purpose Vehicle that will execute the Rs 12,000 crore mass rapid metro system project with the ministry giving its green signal. The Special Purpose Vehicle will be called Greater Chandigarh Transport Corporation (GCTC) whose prime job will be to develop metro project connecting Chandigarh, Mohali and Panchkula in the first phase and then further covering other semi-urban areas in Chandigarh to create seamless mobility solution. According to the MoU, the initial equity of GCTC will be Rs 100 crore that will be equally contributed, that is 25 per cent each, by the