India, Feb. 25 -- The state government on Tuesday issued an order approving the construction of Metro Line 8, a 34.9-km high-speed corridor to connect Chhatrapati Shivaji Maharaj International Airport (CSMIA) and Navi Mumbai International Airport (NMIA) at an estimated cost of Rs.22,862.07 crore. The project will be developed under the Design, Build, Finance, Operate and Transfer (DBFOT) framework with a 40 per cent Viability Gap Funding (VGF). VGF is a government mechanism to provide financial grants to support economically essential but commercially unviable Public-Private Partnership (PPP) infrastructure projects.

The urban development department has issued a government resolution (GR) stating that the City and Industrial Development ...