The Union Cabinet today gave its approval for Ahmedabad Metro Rail Project Phase-1 covering a length of 35.96 km at a total project cost of Rs. 10,773 crore.
The Central Government will contribute Rs. 1,990 crore in the form of equity and subordinate debt.
"Resources will be put in by Central Government as well as private and institutional investors, the Finance Minister Arun Jaitley announced after a Cabinet meeting here today.
The project will be implemented by Metro-Link Express for Gandhinagar and Ahmedabad Company Ltd, which will be converted into a 50:50 jointly owned company of the Central Government and Gujarat Government.