Metro Rail speeds on track

Metro Rail speeds on track
The Times of India

With Metro Rail for Bangalore becoming a certainty, Siddaramaiah has allocated Rs 109 crore for the project in the state budget.

This will pave the way for the Bangalore Mass Rapid Transit Limited (BMRTL) to go ahead with acquisition of land for the project. The BMRTL already has Rs 220 crore in its kitty, collected by the state government during 1995-98. The BMRTL has projected that it will require Rs 360 crore towards land acquisition, all of which has to be borne by the state.

Siddaramaiah assured BMRTL that any additional funds will be allocated at the time of supplementary budget. Central funds can be utilised only for construction.

Thus, as BMRTL managing director K.N. Shrivastava puts it, land acquisition will be undertaken at top speed. "We have planned a particular cash flow, according to which the loan amount will be utilised as the last option," he said.

The BMRTL has already called for pre-qualification tenders for allocation of contracts for various stages of work and the last date for receiving the application is April 27.

STATE GOVT
Rs 1807 crore, including Rs 360 crore towards cost of land acquisition

CENTRAL GOVT
Rs 1447 crore, including Rs 900 crore towards equity participation Rs 246 crore interest subsidy, Rs 173.50 crore towards capital expenditure (CAPEX), Rs 127.50 crore towards debt service reserve

PRIVATE EQUITY
Rs 500 crore to be raised by UTI Bank, who have been appointed Fund arrangers by BMRTL. Total to be raised from market: Rs 2953 crore

TOTAL FUNDS
Central govt Rs 200 crore State govt Rs 109 crore From state cess Rs 220 crore already with BMRTL