Ever since taking charge as the managing director of Kochi Metro Rail Ltd (KMRL) in September 2018, Alkesh Kumar Sharma has been focusing on completing the different phases of the metro rail project. In a wide-ranging interview at KMRL’s new office in JLN Station, he spoke to TNIE’s Shibu B S and Rajesh Abraham on plans to increase ridership and revenue, and the progress of the Kakkanad stretch. Excerpts.
Q: The ridership in Kochi Metro doesn’t seem to be picking up since the reopening of operations after the lockdown. Your comments.
A: If you look at the percentage-wise growth before Covid and after Covid, we are doing slightly better than many other metros. We have touched 26,900 riders per day. Before Covid, we had 62,000-63,000 riders per day. So, we have already touched 40-42 per cent of the daily ridership. But we aren’t sitting on this. We are coming up with new incentives and schemes, which will be announced very shortly.
Q: Do you have any plan to increase revenue through other sources?
A: Yes, we are working on alternative revenue models. We have already allotted some land for fuel stations, which will be set up by an oil company. The plan is in the final stages. The oil company is taking the matter to their board. This will give us some money. We are also talking to companies to set up their offices and outlets in metro stations. You see, many things stopped because of Covid. Now, people are showing interest in commercial activities.
Q: There is also the Bliss City project which is coming up on 31 acres in Kakkanad. What’s the status?
A: The KPMG is in the final stages of preparing a DPR. They have given the first draft and we are going through that.
Q: When can we expect the Centre’s nod for the Kakkanad extension?
A: We are expecting approval any time. From our side, all activities are complete. The Public Investment Board or the PIB, which is like the finance committee, has approved it. They have sent it to the ministry. The ministry has completed the cabinet note. We are waiting.
Q: So are you continuing with work for phase II?
A: The widening work is in progress. From our side, we are not stopping the work (for the second phase to Kakkanad). The land acquisition process and the social impact assessment, or SIA, for land acquisition in that stretch too are going on.
Q: What’s the status of the proposal to issue bonds?
A: We had started the procedure. But after the Covid-19 outbreak, the investor sentiment seems to be very low. We are now looking at an appropriate time for the issue of bonds. We have engaged credit rating agencies ICRA and India Ratings for the purpose. We are awaiting a report from them.
Q: What’s the amount you plan to raise through bonds?
A: We are looking at around `1,200-2,000 crore. It all depends on the kind of rating they give and the market appetite.
Before Covid, we had 62,000-63,000 riders per day. So, we have already touched 40-42 per cent of the daily ridership. We are coming up with new incentives and schemes, which will be announced very shortly- Alkesh Kumar Sharma