Chief Minister Tarun Gogoi will lay the foundation stone for the Metro project in Khanapara area on February 29. (File Photo)

The Assam cabinet has approved the project report for a Mass Rapid Transit System (MRTS) for Guwahati, and the setting up of the Guwahati Metro Rail Corporation Limited (GMRCL).Chief Minister Tarun Gogoi will lay the foundation stone for the Metro project in Khanapara area on February 29, a statement issued by the Chief Minister's Office said today.The state cabinet under Mr Gogoi's chairmanship approved the detailed project report (DPR) for the MRTS and the setting up of GMRCL for implementing the project on Saturday.The statement issued today said the 203 km Metro corridor will be completed in three phases.Phase I will cover a length 61.4 km, and will have four corridors -- Dharapur-Narangi (elevated), M.G. Road to Khanapara (underground), Jalukbari to Khanapara (elevated) 19.4 km and ISBT to Paltanbazar (elevated).There will be 54 stations in the first phase.The trains will have a carrying capacity of up to 975 passengers each.The projected cost including land is estimated at Rs.18,020 crore.While the Assam government and central government will share 20 percent each of the total cost, local bodies will contribute Rs.350 crore, while the remaining Rs.10,074 crore will be funded through soft loans from funding agencies with guarantees from the central government.GMRCL will be a wholly-owned company of the Assam government and will look after the operation and maintenance of the project.The company will be later converted into joint ownership (50:50) of the state and central governments.