GREAT NEWS FOR BANGALORE !!
The Cabinet has approved the Bangalore Metro Rail Project Phase-2. This project will improve the public transport system in the city of Bangalore and provide the much needed additional public transport infrastructure for the city.
The total completion cost of the project is estimated at Rs.26,405.14 crore at the price levels of 2011-12 with price escalation of 5 percent per annum (including escalation and Central taxes and excluding State taxes and duties).
In the total project cost, the Government of India’s (GoI) share will be Rs.5281 crore and the Government of Karnataka’s (GoK) share will be Rs.8983 crore. The share of GoK includes a Grant of Rs.1689.90 crore. The balance amount of Rs.12,141.14 crore will be raised through Senior Debt.
The ridership will be as under:
The project will be executed by the existing Special Purpose Vehicle (SPV) of GoI and GoK having 50:50 equity of each, that is Bangalore Metro Rail Corporation Ltd. The project is scheduled to be completed in five years from the date of start of work.