The Tamil Nadu government is likely to seal an agreement with Japan International Cooperation Agency (JICA) for implementing the Rs 85,000 crore second phase of Chennai Metro by the end of this financial year.
This was revealed to the media by S Krishnan, Principal Secretary, Planning, Development and Special Initiatives department.
As the tunnelling works of phase I near completion, Krishnan told reporters that a pre-appraisal team from JICA will be visiting next month to discuss the financials.
The top official added: "We expect to sign the agreement by next March and commence procurement simultaneously."
Along with Metro Rail officials, he was at the site near AGS Office-DMS for the completion of the longest continuous tunnel drive part of phase I.
The work was to be completed on Tuesday but came to a halt after the cutter head of the tunnel boring machine was worn out. "We will be changing the tools in a day or two and will resume the work," said an official.
The Phase II of Chennai Metro will have three corridors - Madhavaram-Siruseri, Chennai Mofussil Bus Terminus (CMBT)-Lighthouse and Madhavaram-Sholinganallur. There is also a proposal to extend Chennai Metro Rail line from Lighthouse near Marina Beach to Poonamallee, near Chennai, at an additional cost of `3,850 crore.
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