Kolkata: The East-West metro, which is being executed by Kolkata Metro Rail Corporation Limited, is facing a huge cost overrun from Rs 4,875 crore to over Rs 8,000 crore, Minister of State for Urban Development Babul Supriyo said today.
The additional cost would be jointly borne by the central ministries of rail and urban development and Japanese agency JICA, he told reporters here.
The present equity sharing between the three promoters is Railway Ministry (39.80 per cent), Ministry of Urban Development (13.98 per cent) and JICA (46.22 per cent).
The proportion of equity would not alter when the three promoters chip in with more funds for the project, Supriyo told reporters here.
Regarding the first phase of the project from Salt Lake to Sealdah, measuring 9.36 km out of the total 16.5 km stretch, he said the work is expected to be completed in June 2018.