Tata-Siemens JV to develop Pune metro rail line 3 corridor under PPP route
Pune Metropolitan Region Development Authority awarded the contract to Tata-Siemens JV to develop the Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar.
Pune IT City Metro Rail Limited, a special purpose company formed under the joint venture of TRIL Urban Transport Private Limited (a Tata Group Company) and Siemens Project Ventures GmbH (a subsidiary of Siemens Financial Services) under Public Private Partnership Route (PPP) will develop the metro corridor from Hinjewadi to Shivajinagar.
Siemens Financial Services (SFS) invests in infrastructure projects around the world. Through PPPs, SFS is able to help cities meet their goals of obtaining intelligent infrastructure solutions and enable smarter, more sustainable transportation networks. TRIL Urban Transport Pvt Ltd, a Tata Group company, was set up for the development and implementation of Urban Transport Projects under the Public-Private-Partnership model. The company will focus on roads, urban transport, electric vehicles, and smart cities.
The elevated metro line connects the Hinjewadi Rajiv Gandhi Infotech Park to Shivajinagar via Balewadi. The Line 3 Corridor is 23.3 km with 23 stations will be the first metro project in India under the New Metro Rail Policy, as informed by Siemens Ltd in its press release on December 27.
The order size of Siemens Limited is to the extent of Rs 900 crore (approx.), to be completed in 39 months. Siemens would be responsible for project management, turnkey electrification, signalling, communications and depot works (equipment) in the joint venture.
For the Financial Year 2021 ended on September 30, 2021, Siemens Limited reported an increase of 32.4 per cent in new orders, 33.1 per cent in revenue and 40.3 per cent in profit after tax from continuing operations over the previous financial year.
The shares of Siemens Ltd are currently trading at Rs 2411 with a gain of 2.46 per cent at 12.36 pm while hitting a high of Rs 2470 and a low of Rs 2383.20.