BENGALURU: The state government has given its written consent to the K-RIDE (Karnataka Rail Infrastructure Development Company) to go ahead with the registration of a special purpose vehicle (SPV) for implementing the Rs 22,242 crore-suburban rail project for the city.
The official communication was sent on Friday (June 28) by the Additional Chief Secretary of the Infrastructure Development department to the director of K-RIDE, an umbrella organisation that has been set up to identify all viable infrastructure projects in Karnataka.
K-RIDE director S Gagarin told The New Indian Express that the process of registering the B-RIDE (Bangalore Integrated Rail Infrastructure Development Enterprises Limited) with the Registrar of Companies would commence on Monday. 'It will take us anywhere between a week to a month to complete the registration process."
A communication from Chief Secretary T M Vijay Bhaskar stated, "The Law, Finance Department and the Chief Minister have approved the MoA (Memorandum of Association) and the AoA (Article of Association) for the registration of the SPV."
The fate of the 161-km suburban project for the city still hangs in the balance. The Prime Minister's office is keen on going in for a new Detailed Project Report that would ensure routes do not clash with the present Metro alignment as well as outskirts of the city get connected.
The State government, meanwhile, feels going in for new DPR would delay the project and has proposed beginning work on some routes at the earliest. B-RIDE would be a joint venture between the state and the Centre.