3.25% Consultancy Fees For Monorail projects

18 April 2013

Delhi Metro Rail Corporation, general consultant for monorail projects in Thiruvananthapuram and Kozhikode, will get a consultancy fee at 3.25 per cent. The estimated total cost for the projects is Rs 5,581 crore – Rs 3,590 crore for Thiruvananthapuram and Rs 1,991 crore for Kozhikode.

It was decided in a board meeting of Kerala Monorail Corporation Ltd headed by CM Oommen Chandy . K.M. Mani, minister for finance; Aryadan Muhammed, minister for transport; V.S. Sivakumar, minister for health; M.K. Muneer, minister for panchayats; and Manjalamkuzhi Ali, minister for urban affairs attended the board meeting here .

Delhi Metro had been demanding 3.5 per cent of the completion costs. The State Government was willing only to give three per cent. Mobilisation advance will be 5 per cent and will be payable on completing milestones to be fixed as per the detailed project report. The meeting did not accept additional commitments demanded by Delhi Metro.At the board meeting, E. Sreedharan, advisor, Delhi Metro, agreed to 3.25 per cent at Chandy’s intervention. Delhi Metro had prepared the detailed project report for the projects in the two cities and had suggested a turn-key contractor for operation and maintenance in the initial five years after commissioning.

Source– http://www.thehindubusinessline.com/industry-and-economy/logistics/consultancy-fee-fixed-at-325-for-monorail-projects-in-kerala/article4630614.ece?homepage=true&ref=wl_home

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