REC to provide Rs 3,045 cr finance to Bangalore Metro Rail Corporation

New Delhi: State-owned REC Ltd will provide finance of Rs 3,045 crore to Bangalore Metro Rail Corporation to develop the Phase-II project in Bengaluru. REC approved a proposal in this regard at a board meeting held on Saturday, a company statement said.

Phase-II project

Phase-II project comprises the extension of two corridors of Phase-I and establishment of two new lines from RV Road to Bommasandra and Kalena Agrahara to Nagawara. The project will enhance connectivity and ease traffic in the city.

With the completion of Phase-II (72.09 km), the combined network of Bangalore Metro will be 114.39 km, with 101 stations. REC is an NBFC focusing on power sector financing and development across India.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)