Chennai Metro Rail Limited (CMRL) has decided to secure a ₹150 crore loan for the purchase of ticketing gates in a section of the phase II project. Initially, the plan was to acquire these gates through a public-private partnership model, but after studying the metro rail systems of other cities, this approach was found to be unfeasible.
CMRL requires the funds to install automatic fare collection (AFC) gates for the stretch from CMBT to Sholinganallur (corridor 5) and Sholinganallur to SIPCOT (corridor 3).
The total estimated cost of the phase II project is ₹61,843 crore, with financial assistance coming from various sources, including the Japanese International Cooperation Agency (JICA), Asian Infrastructure Investment Bank (AIIB), and Asian Development Bank (ADB). CMRL has also sought funds from the central government, awaiting approval, to support the ongoing construction of the 116-km phase II project in Chennai.