BENGALURU: The underground corridor of Phase-II of Bangalore Metro Rail Corporation Ltd (BMRCL) got a major boost on Tuesday with the Asian Infrastructure Investment Bank (AIIB) entering into an agreement to fund Rs 2,255.14 crore (Rs 325 million US dollars) for the project. The agreement was inked at New Delhi between the Government of India and the bank.
Speaking to The New Indian Express from New Delhi, BMRCL Managing Director Ajay Seth said, “The AIIB funding is a soft loan and the repayment needs to be completed over a period of 25 years. A moderate interest is being charged.”
While the Centre signed the finance contract, BMRCL has signed a project agreement. An agreement for another 500 million Euros for the underground line had been inked with the European Investment Bank.
The 13.92-km underground network between Diary Circle and Nagawara is a part of the 21km Nagawara-Gottigere Line (Red Line) of BMRCL. It will have 12 stations which will be smaller in dimensions than the underground stations of Phase-I Line.
Asked about the status of the underground line, the MD said two packages have already been awarded to Larsen & Tubro. “The technical bids are under evaluation for the remaining two packages. Five companies have taken part in the bids. We expect the technical process to be completed within 15 days,” he said.
To facilitate speedy completion, the corridor has been divided into four packages. The package from Vellara Junction to Shivajinagar (Package 2) and Shivajinagar to Pottery Town (Package 3) have already been awarded to L&T.
The other packages, Diary Circle to Vellara Junction (Package 1) and Tannery Road to Nagawara (Package 4) are in the process of being awarded.
On the status of the work being done so far by L&T, a senior Metro official said small segments have been barricaded at Shivajinagar, Cantonment and Pottery Town.
“These spaces will have a launching shaft for the tunnel boring machines to be sent below,” he said. The machines are yet to be brought to the city by L&T. BMRCL has also sought permission from the police to go ahead with work in connection with its MG Road Metro station.