The Noida Authority has announced Monday that it is setting up the Noida Metro Rail Corporation (NMRC) for facilitating the construction of the proposed Metro line between Noida and Greater Noida.

The construction on the line is to be carried out without the involvement of the Delhi Metro Rail Corporation (DMRC) and is a joint initiative by Noida and Greater Noida Authority. Noida Authority officials have indicating that the special purpose vehicle for the project will be set up with an initial investment of Rs. 1,000 crore.

Rama Raman, CEO of Noida and the Greater Noida Authority, said, "During board meeting on January 11, a 29.707 kilometre Metro line was announced between Noida and Greater Noida, estimated at a cost of Rs 5,064 crore. To facilitate this, Noida and Greater Noida authorities have begun the process of setting up a special purpose vehicle, the NMRC, which will see an investment of Rs 1,000 crore."

He also said that the officials will soon approach the registrar of companies, Uttar Pradesh for obtaining a clearance and the work on the project will begin soon. The board meeting of Noida, Greater Noida and Yamuna Expressway authorities also approved a memorandum of understanding with regard to the extension of the DMRC line between Botanical Garden and Kalindi Kunj in the NCR.