The Kochi Metro Rail (KMRL) has signed a memorandum of understanding with the Government of Kerala to set up a special purpose vehicle to operate, maintain and manage Water Metro, the passenger ferry system. The SPV, called Kochi Water Metro (KWML), will be a joint venture of the State Government and KMRL. The government’s equity contribution will be 74 per cent and KMRL’s share will be 26 per cent.
The MD of KMRL will also be the MD for Kochi Water Metro. Moreover, KMRL will also provide technical and administrative assistance to set up KWML. The Board of Directors of KWML will have eight members – five from the state government and three from KMRL.
The Rs 747 crore Water Metro project envisages 38 boat jetties and 78 boats which will operate along a 76 km route connecting 10 islands. The project is funded by German agency KfW. The first boat that will be part of the fleet was launched in March 2021, and 23 such electric boats are under construction at the Cochin Shipyard. An operating control centre for Water Metro is also being readied at Vyttila Hub.