"- Pension funds- PE funds or Private Equity Funds (but these might not be thebest solution)- Greenfield investments (in form of Global project investmentsas FDI, FII etc)- PPPs (Public Private Partnerships- M & A - Concessions and AidsNow, Infrastructure financing highly depends upon robust policyframeworks and feasible market conditions. Such conditions are:- Liberalisation and deregulation- Govt. Tenders for infra projects- Demand for new projects- Strategic acquisition ofcreated assets - Following clients in infra projects- Realization of economies of scale- Sustainable marketing motives(UNTT Working Group on Sustainable Development Financing)Traditional Infrastructure investments are even more challenged bylow-carbon investments, which have larger up-front costs, andtechnology risks. Many of the technologies currently in use havelarge environmental externalities that are not factored into marketprices. As a result, there is often limited market demand, so thatthe viability of green projects and investment in new technologies istherefore often dependent on the maintenance of policy support.9 CASE STUDY: DMRCOverview of DMRC:The DELHI METRO RAILWAY CORPORATION was set up inMay’95 under the Indian Companies Act. It was a joint venturebetween the Federal Government of India and the ProvincialGovernment of Delhi State, with equal equity. DMRC has theresponsibility for construction and operation of Delhi Metro.• A Master Plan had been drawn up for Delhi Metro expansion,consisting of 12 lines, covering 420 km to be completed byst 2021 in four Phases. The work started on Phase I on 1October, 1998 with construction of 65 km which cost INR10,571 Cr.It was completed in 7 years and 3 months (2 years& 9 months ahead of schedule) and completed in December,2005.• Phase-II works commenced in January 2006 which covered124 km with a completion cost of INR 18,783 Cr. This alsoincludes a high speed Metro connection from centre of the cityto the new airport in 18 minutes. It was completed in October,2010 – 5 months ahead of schedule.• Phase-III is under construction and will consist of about 104km at an estimated cost of 41,079 Cr.Phase-I and Phase-II have almost 60% of the money raised as debt,30% as equity from the GOI and GNCTD. The remaining 10% of theinvestment has been covered by the revenue DM has generated.10 Operation Highlights:There are 2500 train trips assigned with 200 train sets on 6lines. And each train consists of 4 coaches. The Trains areprogressively being lengthened to 6 coaches and finally to 8coaches. The average daily ridership is about 16.5 lakh passengerswith average lead of 14 km.Its frequency during peak hours has been 2min 30sec. Also theDMRC system being fully barrier free it gives great relaxation tophysically challenged passengers.It has also introduces feeder bus short loop services. Punctualitymeasured with a least count of 60 Sec. and average punctualitypercentage is above 99%.Operation Control Center:With almost running 100 trains on the network, the operationcontrol center is nerve of Delhi metro network. From here everyaspect of operation of Delhi metro is monitored-time table, security,electricity, auxiliary equipments and also the crowd in the stations.With a fully automated rail system, Delhi’s metro train works on thetrio of system – ATP (Automatic Train Protection), ATO (AutomaticTrain Operation) and ATS (Automatic Train Supervision).11 Funding of DMRC:The DMRC project has been divided into 3 phases – Phase I, PhaseII and Phase III (deadline 2016). The funding details of the phasesare as follows:PHASE-I (Completion Cost 10,571 Cr): JICA Loan 60%Interest Free subordinate debt 5%towards land costGOI Equity 14%Property Development 7%GNCTD Equity 14%PHASE-II (Completion Cost 18,783 Cr):JICA Loan 54.47%GOI Equity 16.39%Interest Free subordinate debt 3.83%towards land costGrant by HUDA 0.59%DMRC Internal Accruals/ 5.59%Property DevelopmentGNCTD Equity 16.39%Interest Free subordinate debt 2.73%for Central TaxesPHASE-III (Estimated Cost 41,079 Cr):JICA Loan 48.57%GNCTD Equity 10.04%GOI Equity 10.04%Land & Central Tax 13.39%Property Development by DMRC 7.34%Grant 10.62%(Delhi MRTS)12 "