Date Of Post: 01 Feb, 2018
Bangalore: The Karnataka government gave administrative approval for implementation of Bangalore Suburban Rail project’s initial phase, worth Rs 1,745 crore, under equity sharing model between the state government & Indian Railways, by using a SPV (Special Purpose Vehicle).
Rs 349 crore Investment Approved-
- Law & Parliamentary Affairs Minister T B Jayachandra said, Karnataka government agreed to make an initial equity payment of Rs 349 crore in 2 years (2018-19, 2019-20) to begin the work under phase 1(A) of the 3 phased project.
- The proposal included 58 trains, each with a capacity to carry 1,800 to 2,000 people, 160 services, covering a total distance of around 440 km, he briefing reporters after the cabinet meeting, said.
- He said,”This was a long pending issue.. after a series of meetings it has been finalised now.”
About The Project-
- Of the approx requirement for the project phase 1(A), which is around Rs 1,745 crore, the Railway Ministry & Karnataka Government share 20% each of the total cost, he said.
- The project is proposed to be completed in 3 years.
- “The allocation of Rs 349 crore for equity in 2018-19, 2019-20 has to be made by government of Karnataka, the balance project cost will be raised by SPV from time to time…”
Image Credit: Adityamadhav83 – Wikimedia Commons