The Housing and Urban Development Corporation (Hudco) has agreed to extend a loan of R700 crore for the first phase of the Bangalore Metro project, which is expected to be completed by 2013. The first 7 km of the 42.3-km Metro project is expected to start commercial operations later this month.
The loan from Hudco is part of the debt that the Bangalore Metro Rail Corporation is tying up for, said a spokesman for Bangalore Metro Rail Corporation (BMRCL). The total project cost is R11,609 crore, which has escalated from the initial estimate of R8,158 crore. Equity from the state and central governments and subordinate debt constitute 55% of the revised project cost, while the remaining funding is through debt.
Earlier this year, the Philippines-based Asian Development Bank announced its decision to extend a $250-million loan to BMRCL. The special purpose vehicle has previously raised debt from SBI and the Japan International Cooperation Agency. Hudco, a PSU under the ministry of housing and urban poverty alleviation, will sign the loan agreement with BMRCL shortly, said a Karnataka government press release.
On Saturday, Karnataka chief minister DV Sadananda Gowda met Hudco CMD VP Baligar for a review of the schemes it assists in the state. Hudco has supported a total of 1,437 housing and urban infrastructure projects in Karnataka involving a loan component of R14,779 crore.
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