New Delhi [India], June 26 : State-owned company REC Limited has said it decided to extend financial assistance of Rs 3,045 crores to Bangalore Metro Rail Corporation Limited (BMRCL), for the establishment and development of lines under the Phase-II metro project.
REC Ltd is a Maharatna Central Public Sector Enterprise under the Union Ministry of Power. Established in 1969, REC Limited is an NBFC focusing on power sector financing and development across India.
The decision to extend the assistance was taken at the board meeting of REC, held in Bengaluru, on Saturday.
"The Phase-II project of Namma Metro comprises an extension of existing two corridors of Phase-I, namely East-West Corridor and North-South Corridor; and 2 new lines, namely one from R.V. Road to Bommasandra and another from Kalena Agrahara to Nagawara," an official release from the Ministry of Power said.
These lines will traverse some of the densest and high-traffic areas of the city.
With the completion of Phase II (72.09 km), the 'Namma Metro' combined network shall stand at a line length of 114.39 km, with 101 stations.
Bangalore Metro has been re-christened as "Namma Metro".
Metro services in the city have been in operation for 69.66 kilometres East-West corridor of 39.34 km: 13.71 km from Krishnarajapura to Whitefield (Kadugodi) Metro Station and 25.63 km starting from Baiyappanahalli in the East and terminating at Kengeri Terminal in the West; and North-South corridor of 30.32 km commencing at Nagasandra in the North and terminating at Silk Institute in the South.
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