PM to flag off B`lore Metro Rail works on June 24

PM to flag off B`lore Metro Rail works on June 24
Business Standard

The much-delayed Bangalore Metro Rail project is finally set to take off with Prime Minister Manmohan Singh scheduled to launch it on 24 June in the city.

“All requisite clearances have been given by the Centre the Karnataka government. To begin with, work will start on the 7-kilometre stretch connecting the Karnataka State Cricket Association (KSCA) stadium on M G Road and Byappanahalli. The first metro train will chug on this stretch by December 2009,” project officials of the Bangalore Metro Rail Corporation (BMRC) told Business Standard.

The 7-kilometre stretch is part of the first phase of the project, expected to be ready by December 2009. This phase consists of two double track (standard gauge) corridors (north-south and east-west)with a combined length of 33 kilometres.

The total project outlay envisaged is Rs 6,395 crore, which will be financed through equity, subordinate debt and senior term debt.

The equity holders include the BMRC, Karnataka government and the Centre. The latter will contribute Rs 959.25 crore (15 per cent) as equity and Rs 639.50 crore (10 per cent) as subordinate debt and Karnataka will contribute Rs 959.25 crore (15 per cent) as equity and Rs 959.25 crore (15 per cent) as subordinate debt.

“The combined contribution of Centre and Karnataka is Rs 3,517.25 crore (55 per cent) while the remaining Rs 2,877.45 crore (45 per cent) will be raised as a senior term debt. The Japan Bank for International Cooperation (JBIC) has agreed to fund Rs 1,918.50 crore as senior term debt,” the BMRC officials added.

Karnataka has been collecting infrastructure cess for the Metro Rail project since 1995. Till date, it has collected Rs 691 crore.

“It is expected that an additional Rs 460 crore will be collected during the period of construction i.e. five years. It can be seen that Karnataka already has Rs 1,072 crore for the project against its obligation of Rs 1,918.50 crore,” the officials stated.

The BMRC requires 197 acres for the first phase. “Of this, private land constitutes about 13.7 per cent (27 acres) of the total requirement. We are confident of acquiring it in an amicable manner. We already have 126 acres (both state and central government) in our possession,” the officials explained.

The Delhi Metro Rail Corporation had prepared the detailed project report for the Bangalore Metro in May 2003. The East-West Corridor starts from Mysore Road-Outer Ring Road junction and passes through Deepanjalinagar, Vijaynagar, Magadi Road, Majestic, Vidhana Soudha, M G Road, C M H Road, Indiranagar, Old Madras Road and terminates at Byappanahalli.

The North-South Corridor starts at Peenya and passes through Yeshwanthpur, Mahalakshmi Layout, Rajajinagar, Mahakavi Kuvempu Road, Swastik Circle, Majestic, Chikpet, K R Market, K R Road, Lalbagh, South End Circle and terminates at the R V Road end.

“The first phase of the project will carry 8.2 lakh passengers and it can be increased to 16.10 lakh by 2021. Other localities of the city will be covered as the metro network expands. The state government has instructed us to consider mono rail as a feeder service,” the officials added.

Of the 33 kilometres, 7 kilometres will be underground (near Vidhana Soudha and Majestic) while the remaining 26 kilometre will be elevated.