Ministry of Power’s REC Limited, a Maharatna Central Public Sector Enterprise, will extend financial assistance amounting to Rs 3,045 crore to Bangalore Metro Rail Corporation Limited (BMRCL) for the establishment and development of metro lines under the phase-II project of Bangalore Metro.
According to a statement issued by the Ministry of Power on Sunday (June 25), the decision to extend the financial assistance was taken at REC’s Board meeting which was held in Bengaluru on June 24, 2023.
Financial assistance for BMRCL Phase-II development
The Phase-II project of BMRCL comprises the extension of two existing corridors – Phase-I on East–West Corridor and North–South Corridor and two new metro lines – One from R V Road to Bommasandra and another from Kalena Agrahara to Nagawara. The new metro lines will traverse through some of the dense and most traffic-affected areas of Bengaluru.
The Phase-II project of the Namma Metro, Bangalore’s rapid transit system, spans a length of 72.09 km and upon completion, the combined network of Namma Metro will reach a line length of 114.39 km, encompassing 101 stations.
For those unaware, REC deals with Power Sector Financing and Development across India. Their financial assistance to BMRCL ventures their foray into funding infrastructure development.
