logo
Cabinet approves ₹3,626 cr Phase-2 expansion of Pune Metro Rail Project

Cabinet approves ₹3,626 cr Phase-2 expansion of Pune Metro Rail Project

The Union cabinet on Wednesday approved the second phase of the Pune Metro Rail Project, consisting of two corridors, at an estimated cost of Rs 3,626.24 crore.
The project includes an extension from Vanaz to Chandani Chowk (Corridor 2A) and from Ramwadi to Wagholi/Vitthalwadi (Corridor 2B), as continuations of the existing Vanaz–Ramwadi corridor under Phase 1.
'These two elevated corridors will span 12.75 kilometres and include 13 stations, connecting fast-developing suburbs such as Chandani Chowk, Bavdhan, Kothrud, Kharadi and Wagholi. The project is scheduled for completion within four years,' the cabinet said in a statement.
The project cost will be equally shared by the Government of India, Government of Maharashtra, and external bilateral or multilateral agencies.
'After completion of these corridors, the projected incremental daily ridership for the entire Line 2 is estimated at 0.96 lakh in 2027, 2.01 lakh in 2037, 2.87 lakh in 2047, and 3.49 lakh in 2057. The project will be implemented by Maharashtra Metro Rail Corporation Limited (Maha-Metro), which will execute all civil, electro-mechanical and related works,' the cabinet said.
The proposal aligns with Pune's comprehensive mobility plan. According to Union Minister of Information and Broadcasting Ashwini Vaishnaw, the extension will connect the central part of the city to fast-growing suburbs on both the eastern and western ends. It will also link IT hubs, academic institutions and residential areas.
Under long-term mobility planning, intercity bus services from cities like Mumbai and Bengaluru will be integrated at Chandani Chowk, while those from Ahilya Nagar and Chhatrapati Sambhaji Nagar will connect at Wagholi, allowing passengers to seamlessly access Pune's metro system.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Torrent Pharma shares in focus after Rs 11,900 crore JB Chemicals acquisition
Torrent Pharma shares in focus after Rs 11,900 crore JB Chemicals acquisition

Economic Times

time31 minutes ago

  • Economic Times

Torrent Pharma shares in focus after Rs 11,900 crore JB Chemicals acquisition

Shares of Torrent Pharmaceuticals are likely to be in the spotlight on Monday, June 30, after the company announced a major acquisition worth Rs 11,917 crore to acquire a controlling stake in J.B. Chemicals & Pharmaceuticals Ltd, another player in the pharmaceutical sector. ADVERTISEMENT In a board meeting held on June 29, Torrent Pharma approved a multi-step transaction to acquire a majority stake in JB Chemicals. The acquisition comprises the following: Share Purchase Agreement (SPA): Torrent will acquire 7.44 crore equity shares, representing 46.39% of JB Chemicals' fully diluted equity share capital, from its promoter, Tau Investment Holdings Pte Ltd, at Rs 1,600 per share, amounting to approximately Rs 11,917 crore, subject to shareholder and regulatory approvals. Potential Employee Acquisition: Torrent may further acquire up to 44.99 lakh equity shares (2.80%) from certain employees at a price not exceeding Rs 1,600 per share, through employee stock Offer: Torrent has also proposed an open offer to public shareholders to acquire up to 4.17 crore shares (26.00%) of the expanded capital at Rs 1,639.18 per share, in accordance with SEBI's Takeover Torrent will gain promoter status and a controlling interest in JB Chemicals, positioning it to expand its product offerings and leverage synergies between the two firms. ADVERTISEMENT JB Chemicals, incorporated in 1976, is a publicly listed company with a consolidated turnover of Rs 3,918 crore and a net worth of Rs 3,433 crore as of March 31, 2025. The company has consistently maintained strong financial performance over the last three proposed acquisition is subject to approvals from the Competition Commission of India (CCI), shareholders, and other statutory bodies. Torrent Pharma anticipates completing the deal within six months. ADVERTISEMENT On Friday, shares of Torrent Pharmaceuticals closed 3.7% higher at Rs 3,344.40 on BSE. Also read: Nifty ready to scale new highs on bullish mood: Analysts (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)

Reliance Power bids for global tenders to build 1,500 MW gas plant
Reliance Power bids for global tenders to build 1,500 MW gas plant

Time of India

time41 minutes ago

  • Time of India

Reliance Power bids for global tenders to build 1,500 MW gas plant

Anil Ambani 's Reliance Power Ltd is planning to set up a 1,500-MW gas-based power project overseas and is actively participating in several international tenders for its development, according to sources. Sources said, Reliance Power has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy. The company has recently secured two mega power projects in Bhutan - a 500-MW solar project and a 770-MW hydropower project. Based on the outcome of the ongoing international bids, Reliance Power plans to relocate two 750 MW modules of world-class equipment currently in its possession in India. The proposed project is expected to create significant value in Reliance Power's balance sheet, as the company aims to realise up to Rs 2,000 crore through the monetisation of these assets. When contacted, a Reliance Power spokesperson confirmed the company's participation in global tenders. Originally, the company had imported three modules of 750 MW world class equipment from General Electric, USA, for a gas-based combined cycle power project, out of which one module was exported to Bangladesh for an LNG based power project in partnership with Japan's JERA. Now, Reliance Power intends to deploy the remaining two modules for a similar project at an overseas location. The demand for gas-based power - widely regarded as a clean energy source - is significantly high in countries such as Kuwait, the UAE, and Malaysia. However, global suppliers like GE typically require 3 to 5 years to deliver equipment for gas or LNG-based power plants. In contrast, Reliance Power has 1,500 MW of equipment readily available, enabling it to execute such projects in the shortest possible timeframe. Reliance Power is actively focusing on renewable and clean energy. The company has a strong development pipeline, including 2.5 GWp of utility-scale solar projects and more than 2.5 GWh of Battery Energy Storage Systems (BESS). This positions Reliance Power as the largest private sector player in the integrated solar + BESS segment in India. Reliance Power has also entered into a joint venture with the Bhutan Government's Druk Holding & Investments (DHI) for the development of a 500 -MW solar project and a 770-MW hydropower project in Bhutan. This marks the largest foreign direct investment by an Indian private company in Bhutan's renewable energy sector.

DMK govt ‘running on commission, collection and corruption', says EPS
DMK govt ‘running on commission, collection and corruption', says EPS

New Indian Express

time42 minutes ago

  • New Indian Express

DMK govt ‘running on commission, collection and corruption', says EPS

KALLAKURICHI: AIADMK general secretary Edappadi K Palaniswami on Sunday alleged that the DMK government is 'running on commission, collection, and corruption'. Speaking at a welfare assistance distribution event in Ulundurpet, Palaniswami said, 'Corruption has worsened under the DMK regime. Every department is affected. No land registration happens without bribes. Even at Tasmac, a bribe of Rs 10 is collected per bottle. Law and order has also deteriorated. Movement of banned substances has increased.' Palaniswami said no one can take over the AIADMK. 'MK Stalin is unable to tolerate our alliance with the BJP. He says the AIADMK is finished, but he is daydreaming. Look at the gathering here, everyone should work for the victory of AIADMK and alliance candidates. Youth and women should work to ensure our victory in all five Assembly constituencies of Kallakurichi district.' Palaniswami said even after MGR's death, DMK patriarch M Karunanidhi could not destroy the AIADMK. After Jayalalithaa's demise, Stalin tried to topple the AIADMK but failed. 'In 2026 election, the AIADMK will win and form the government with a clear majority,' Palaniswami asserted. Responding to Stalin's repeated remarks that AIADMK lost 10 elections under his leadership, Palaniswami said, 'How many times did the DMK lose from 2011 to 2021? In 2011, the DMK couldn't even sit in the opposition benches. The DMK came to power with false promises. The DMK has failed to fulfil its poll promises of getting NEET exemption, increasing working days under 100-day job scheme, education loan waiver and restoration of old pension scheme.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store