Centre should set up MRFC: E Sreedharan

E Sreedharan, who has been known for his role in development of Konkan Railway, Delhi Metro Rail and other rail related developments, suggested that the Centre should set up a Metro Rail Finance Corporation (MRFC) to arrange funding for the Metro rail developments in the country. ´There are already 10 cities where Metro rail constructions are in progress and another 10 projects DPRs are ready and the sanctions are expected next fiscal year. Besides, DPRs are going on in 10 more cities, all to be developed by Delhi Metro Rail Corporation (DMRC). The Metros under construction is coming up with a cost of around Rs 2 lakh crore and the upcoming 10 would also cost the same,´ he said. With more cities are coming up with Metro Rail projects, the biggest challenge would be to arrange funding.´The government has to find an innovative way of financing these projects, because metro projects by themselves are not profitable,´ he said. He was speaking to the reporters after delivering the Civil Engineering Endowment Lecture organized by the Indian Institute of Technology, Madras.