New Delhi, Aug 16 : The Union Cabinet on Friday approved the Rs 12,200 crore Thane Integral Ring Metro Rail Project corridor in Maharashtra.

The 29 km corridor will run along the periphery of the west side of Thane city with 22 stations. The network is encompassed by the Ulhas River on one side, and the Sanjay Gandhi National Park (SGNP) on the other, according to an official statement issued after the Cabinet meeting held on Friday.

The estimated cost of the project is Rs 12,200.1 crore, with equal equity from the Government of India and the Government of Maharashtra as well as part-funding by bilateral agencies, an official statement said.

Funds would also be raised through innovative financing methods such as by selling station naming and access rights for corporates, monetisation of assets, value-capture financing route, etc.

The Metro line would benefit thousands of daily commuters, especially students and those commuting every day to their work areas, by providing faster and more economical transport options. The project would also result in total daily ridership on the Metro corridors for the years 2029, 2035 and 2045 by 6.47 Lakh, 7.61 lakh and 8.72 lakh passengers, respectively, according to the official statement.

The corridor that connects major business hubs would provide an effective transport option to a large section of employees

The project is likely to be completed by 2029. The connectivity would provide a sustainable and efficient mode of transport, facilitating the city to realise its economic potential and ease traffic congestion on the roads. The project is also expected to contribute to the reduction of greenhouse gas emissions, the statement said.

Maha Metro will execute the project, along with civil, electro­mechanical, other associated facilities, works and related assets.

Maha Metro has already initiated pre-bid activities and preparation of tender documents. The contracts will be floated for bidding at the earliest.

/IANS