Friday, April 28, 2006

Metro clears last hurdle

Metro clears last hurdle
With Cabinet Approval,Work Can Now Begin In Full Swing
The Times of India

New Delhi/Bangalore: The Cabinet Committee on Economic Affairs (CCEA) has finally cleared the Metro Rail project for Bangalore. With this, all clearances for the project have been obtained and work can begin in full swing.

The CCEA, which met in New Delhi on Thursday, has cleared the Rs 6,207-crore project, which has an equity participation of Rs 1,200 crore from the Centre, while the state government’s contribution will be Rs 1,800 crore.

The Bangalore Metro Rail Corporation (BMRC), which will execute the project, will obtain a Rs 3,000-crore loan from the Japan Bank for International Cooperation (JBIC).

UTI Bank has been appointed fund arranger for Phase I. BMRC MD V Madhu said 30% of the funds will be put in by the state, 25% by the Centre, 30% through JBIC, and the remaining will be arranged by UTI from other banks of India.

Phase I will have two corridors: a north-south corridor between Yeshwantpur and KR Road (leading to JP Nagar) and an east-west corridor between Byapanahalli and Rajarajeshwari Nagar off Mysore Road. The two corridors will criss-cross at Majestic, where the system will be underground.

The system will have standard gauge tracks, with most of the section on the elevated system. The Public Investment Board and the Group of Ministers had said the project will be built under the Mysore Tramways Act.
This means the state can decide every aspect of the project.

With the CCEA clearance, the BMRC and a central government organisation will form a team of officials to jointly execute the project, which is expected to be completed in five years time.

The BMRC will take up the first segment of the project between Byapanahalli and Chinnaswamy Stadium on Cubbon Road immediately, while it will finalise the tenders for awarding the overall contract to an international consortium that will award packages to various contractors.

CM Kumaraswamy thanked the Centre. He promised to take up the project expeditiously.
The state government has taken note of objections by some people to acquisition of private land and it will use its own land as far as possible and acquire private land only where it is inevitable.

metro matters
Cost: Rs 6,207 cr
Tracks: Std gauge Deadline: 5 years Yeshwantpur to JP Nagar
Byapanahalli to Rajarajeshwari Nagar


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