The Maharashtra government has approved the Pune Metro rail project. The project will be executed by the Pune Municipal Metro Rail Corporation (PMRC), a Special Purpose Vehicle (SPV) that will be set up exclusively for the project. Till the PMRC is set up, the Pune Municipal Corporation (PMC) will act as the nodal agency for the project. The Metro will be constructed in two phases. The first phase will be 15km long on an elevated track while the second phase will be 44km in length. The project will be funded to the extent of 20% by the state and central governments, ten percent by the PMC while the remaining 50% will come through debt.