With increasing urbanization, cities in India are expected to house 40% of the country’s population and contribute 75% of India’s GDP by 2030. To address urban challenges associated with growing city populations, Siemens and Tata Group have teamed up to identify and help remediate transportation challenges in India.
One of the first projects identified is in Pune, India, which is one of the country’s fastest growing cities. With more than 800 colleges and a highly educated population, Pune represents the country’s second largest information technology hub.
Siemens Financial Services (SFS) and strategic partner Tata Group – forming a consortium – were awarded a contract by the Pune Metropolitan Region Development Authority (PMRDA) to develop an elevated metro line from Hinjewadi to Shivajinagar. This will be the first metro project in India implemented under a Public-Private-Partnership (PPP) model since the government issued the New Metro Rail Policy of 2017.
We are pleased to partner with the PMRDA in this prestigious Metro project which will positively impact the quality of life in Pune. Together with the Tata Group, we are providing an end-to-end solution for a state-of-the-art Metro system which will facilitate ease of commuting in Pune.Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd.
With this achievement, in October 2018, the SFS and Tata consortium was recognized by the state government – presented by Chief Minister of Maharashtra, Shri Devendra Fadnavis – with a Letter of Award at a ceremony held in Mumbai.
As we watch this project reach milestones, we continue to be proud of our work with Tata Group and our position to help India meet transportation goals that contribute to economic growth. The location and expertise of our financing team in India ensures we remain well-positioned to accurately assess the market dynamics and policies in the region.Steffen Grosse, CEO, Equity Finance, SFS
The groundbreaking ceremony took place in December 2018 where Prime Minister of India, Shri Narendra Modi, set the foundation stone of the project. The concession agreement was recently signed formally allowing the consortium to begin the project scheduled for March 2020. The metro is scheduled to be completed and operational in March 2023.
Infrastructure is the key to a country's growth and progress. We support the government’s initiatives to improve the quality of life of people through a sustainable and efficient transportation network. Pune is one of the most vibrant cities in the country and is a part of the Smart Cities Mission. We are confident that the Metro Line 3 will significantly improve infrastructure in Pune and make local commute faster and smoother for the people. We sincerely thank PMRDA for speedy design and project development of Pune Metro Line 3.Banmali Agrawala, President, Infrastructure, Defense and Aerospace, Tata Sons.
Author: Laura Schneebacher