New Delhi: Kochi Metro rail project has got the much-awaited Central government sanction Tuesday.

The Union cabinet clearance of the Rs. 5,182-crore rail project came days after PM Manmohan Singh spoke on the importance of infrastructure development to improve the economy.

The fully-elevated link, covering 25 km from Alwaye to Petta with 23 stations en route, aims to provide world-class transportation facilities to the fourth-biggest South Indian city after Bangalore, Chennai and Hyderabad.

Though the Plan Panel had earlier pitched for creation of the Kochi Metro through the public-private partnership (PPP) model, the most recent proposal favours a 50:50 joint ownership company between the Centre and the Kerala government, in line with the Delhi Metro. The fare is likely to range from Rs. 10 to Rs. 30.

Kochi Metro Rail Limited (KMRL) had been battling to get the green signal for the project that was tabled before the Union cabinet on Friday. The fate of the project had been hanging in balance since 2009.