Bangalore Metro Rail Corporation Limited (BMRCL) will get financial support totalling Rs. 3,045 crores from REC Limited, a Maharatna Central Public Sector Enterprise under the Union Ministry of Power, for the building and development of metro lines as part of Bangalore Metro’s Phase-Il project. At the REC board meeting conducted in Bengaluru on June 24, 2023, where the board approved the proposal of BMRCL, the decision was made to extend the support.
The Namma Metro Phase-II project entails the extension of the two Phase-1 corridors, the East-West Corridor and the North-South Corridor, as well as the construction of two new lines, one from R.V. Road to Bommasandra and the other from Kalena Agrahara to Nagawara. Some of the city’s busiest and densest neighbourhoods will be crossed by these lines.
The project’s Phase-II will improve connectivity and reduce traffic in Bengaluru, a heavily populated city. Phase II’s completion (72.09 km) will bring the total length of the Namma Metro network to 114.39 km, with 101 stations.
An NBFC that specialises in financing and developing the power sector in India is called REC Limited. The financial support provided to BMRCL is a part of REC’s effort to finance infrastructure growth. REC Limited has been in business for more than fifty years since its founding in 1969. It offers financial support to the entire value chain of the power industry, including projects for generation, transmission, distribution, and renewable energy. In India, every fourth light is lit thanks to financing from REC.
