Kochi, India (Urban Transport News): The Kerala Government has formed a new Special Purpose Vehicle (SPV) to operate, maintain and manage India's first Water Metro System in Kochi. For this, a memorandum of understanding (MoU) was signed by Chief Secretary V P Joy and KMRL Managing Director K R Jyothilal in Thiruvananthapuram on June 1, 2021. The state government will delegate the overall responsibility and authority for operating, maintaining and managing the Water Metro transport system to KWML. The SPV should meet all the requirements of the passenger ferry system in Kochi.
"The MOU between GoK and KMRL for forming an SPV, essential to the operation and maintenance of the KochiWater Metro was signed today in the presence of V. P. Joy IAS, Chief Secretary, GoK, K. R. Jyothilal IAS, MD- KMRL, and K. R. Kumar, Director - Finance, KMRL," said the official statement issued by KMRL.
The new SPV, formed as Kochi Water Metro Limited (KWML), will be a joint venture of the Government of Kerala and Kochi Metro Rail Limited (KMRL). The state government’s equity contribution will be 74 percent and KMRL’s share will be 26 percent.
The Managing Director of Kochi Metro Rail Ltd (KMRL) will also head the new SPV as MD for Kochi Water Metro Limited (KWML). KMRL will also provide technical and administrative assistance to set up KWML within the set deadline.
According to MoU, the new SPV will have a total of 8 members on the Board of Directors – five from the state government and three from Kochi Metro Rail Limited.
The Centralised Operation Control Centre (OCC) that will control the functioning of the Kochi Water Metro is being built at Vytilla.
The Rs 747 crore Water Metro project in Kochi envisages 38 boat jetties and 78 boats which will operate along a 76 km route connecting 10 islands. The water metro project is being funded by the German Bank Kreditanstalt Fuer Wiederaufbau (KfW).
For more details, please explore the Kochi Water Metro page of Urban Transport News.