Date of Post : 24 June, 2017
Bangalore: Embassy Group on friday announced the signing of an MoU with the BMRCL for the construction of the Kadubeesanahalli Metro Station, and said it will be funding to the tune of Rs 100 crores (approx US$ 15.38 Million) towards the project.
Kadubeesanahalli Metro Station Construction
- Metro station will be constructed just outside Embassy TechVillage.
- The station will be constructed on the 17 kilometer long recently approved North-South metro corridor on Outer Ring Road.
- The construction will be done in accordance with the facade designs & specifications approved by BMRCL, Embassy in a release said.
- It has agreed to pay an amount of Rs 100 crores (approx US$ 15.38 Million) to BMRCL (Bangalore Metro Rail Corporation Limited) for the purpose of the project in installments.
- The period of concession & permission granted to Embassy Group will be of 30 years starting from the date of commencement of commercial operations & could be extended further on mutual terms, it said.
- Embassy Group, CMD, Jitu Virwani said,“We are delighted to partner with BMRCL on the prestigious Namma Metro project and we see this as a positive step by the government to involve the corporates towards improving infrastructure and urban transportation projects in the city.”
- As part of the agreement it will maintain Kadubeesanahalli Metro Station including housekeeping & maintenance along with all the equipment as per specifications laid by the corporation, the group said.
- BMRCL had identified & invited private entities & companies to sponsor up to 25% of the total project cost with an intention to congregate funds as well as get corporates to participate in faster funding & completion of transportation projects.
- BMRCL, MD, Pradeep Singh Kharola said,“The MoU signed between BMRCL and the Embassy Group is part of the innovative financing push by Namma Metro and we strongly believe that it will encourage corporates to come forward and contribute in developing the urban infrastructure and build a well-equipped modern city.”