New Delhi: The central government, here on Saturday, approved the 40.35 kilometre Surat Metro Rail project with two corridors.
Expected to be launched on Sunday, the project would be completed in five years at an estimated cost of Rs 12,020.32 crore.
"It will provide affordable, reliable, safe, secure and seamless transport system in the urban agglomeration of the city," the statement said.
"It will reduce accidents, pollution, travel time, energy consumption, anti-social incidents as well as regulate urban expansion and land use for sustainable development," it said.
The metro will provide eco-friendly and sustainable public transport," the statement said.
The project will be implemented by the Gujarat Metro Rail Corporation (GMRC) Ltd. It will be financed mainly through equity from the central government and the Gujarat government on a 50:50 basis, and loans from bilateral/multilateral agencies.