State Cabinet Accorded Approval For Innovative Financing Initiatives Of BMRCL

State Cabinet Accorded Approval For Innovative Financing Initiatives Of BMRCL

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Date Of Post: 16 Feb, 2018

Bangalore: The State Cabinet on Thursday accorded approval for innovative financing initiatives of BMRCL (Bangalore Metro Rail Corp. Ltd.) to raise money. It also gave its nod for floating tenders for the metro project linking Silk Board and K.R. Puram, under Phase 2 (A). The BMRCL had signed an MoU with Intel India. & Embassy Group to raise funds for construction of 2 metro stations at Kadubeesanahalli & Bellandur.

More Information:

  • The Cabinet decision will help the BMRCL to reach an agreement detailing terms & conditions with corporate entities based on the MoU.
  • The two corporate bodies have agreed to contribute Rs 100 crore each to BMRCL payable in instalments, and they will get naming rights for a period of 30 years.

As per the terms of understanding, the companies will be offered-

  • 3,000 sqft space at the station for 30 years for retail purposes
  • Advertisement space of 1,000 sq ft for the same period
  • Direct access from the concourse/ platform to the campus/ premises for 99 years.

BMRCL To Float Tender-

  • “Following the decision by the cabinet, the BMRCL will float a tender to execute the project,” a senior official of the BMRCL said.
  • The BMRCL is also in touch with other corporate bodies, real estate companies functioning along the stretch.
  • The Cabinet had earlier imposed a rider on the BMRCL that metro work on this line should commence only after it raised at least Rs 250 crore through leasing of land, and received a commitment of another Rs 250 crore through innovative financing.

About The Stretch-

  • The 17km long metro stretch will have 13 stations
  • It is estimated to cost Rs 4,202 crore.
  • The State government had asked the BMRCL to raise Rs 1,100 crore through innovative financing to implement the project.

    Image Credit: Rameshng – Wikimedia Common

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