Financial Daily from THE HINDU group of publications
Wednesday, Mar 15, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 15, 2006 |
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Railways States - Karnataka Bangalore metro project work to begin from Sept Our Bureau
Bids and deals 25 expressions of interest received for building elevators. 12 contractors would be shortlisted on March 20. For main works, five of the nine consortia will be shortlisted.
The Namma Metro logo
Bangalore , March 14 With the use of standard gauge cleared, work on the Rs 6,300-crore Bangalore metro rail project is expected to begin in full swing by September this year. The project is slated to go before the CCEA on March 16, Mr K.N. Shrivastava, Managing Director of Bangalore Metro Rail Corporation Ltd, told a news conference. The empowered Group of Ministers had cleared the use of standard gauge (1.43 m) for the Bangalore's much-delayed public transport project. The metro is promoted jointly by the State and the Centre.
FIs' offers
Mr Shrivastava said domestic FIs had made overwhelming offers totalling Rs 4,000 crore for the domestic debt component of Rs 1,200 crore. "This puts us in a strong position during negotiations," he said. For the rest, the metro will get Rs 1,500 crore from the Centre, Rs 1,800 crore from the State Government; Japan Bank for Investment & Cooperation (JBIC) will provide Rs 1,800 crore of the Rs 3,000-crore loan at 1.3 per cent. The Union and the Japanese governments are slated to sign the debt agreement in Japan on March 27. An infrastructure cess, being levied by Karnataka since 1995, has touched Rs 800 crore, half of which has been released.
Project duration
As per the present schedule, the full phase 1 will be 36.5 km long, to be built over five years. Seven km from Byappanahalli to the cricket stadium on East-West corridor would be taken up first and the first trains would run in three years. A comprehensive transport and traffic study to be out in November is to determine the next course and continuation of the cess. Twelve contractors would be shortlisted on March 20 out of the 25 expressions of interest received for building elevators. For the main works, five of the nine consortia will be shortlisted after the general consultants are appointed by May-end, with the approval of the JBfor IC. Pending the CCEA clearance and the State Cabinet's approval to transfer 57 acres of land from its various entities, nearly all the decks have been cleared, Mr Shrivastava said. Twenty seven acres of private land is needed and the corporation would soon begin measuring and documenting the 621 structures on these spaces. Most of the land has come in, including the 102 acres of Defence land and 26 acres from NPCIL.
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