For the Phase-II project in Bengaluru, state-owned REC Ltd will lend Bangalore Metro Rail Corporation Rs 3,045 crore.
A proposal in this regard was adopted by REC at a board meeting on Saturday, according to a statement from the business.
The Phase-II project entails extending two Phase-I corridors and constructing two additional lines, one from RV Road to Bommasandra and the other from Kalena Agrahara to Nagawara.
The initiative will improve citywide connectivity and reduce traffic.
Phase II’s 72.09 km will bring Bangalore Metro’s total network length to 114.39 km, including 101 stations.
REC is an NBFC with a focus on India’s power industry finance and growth. It is an NBFC or a Non-Banking Finance Company. This means that it is not permitted to accept deposits from the public. REC is also the 12th Central Public Sector Enterprise to be awarded the “Maharatna” Status.
The “maharatna” status gives a CPSE’s Board more powers regarding entering into Joint Venture, forming subsidiaries and undertaking Mergers and Acquisitions in India and foreign nations.
The Phase 2 development of metro in Bangalore is expected to provide much needed reprieve to people. It would take some traffic off the streets and reduce commuting time. However, the environmental impact of the project will have to be critically analysed.
