On Tuesday, the Asian Infrastructure Investment Bank (AIIB) entered into an agreement to fund Rs 2,255.14 Crore (325 million US dollars) for the construction of underground corridor of Phase-II of Bangalore Metro Rail Corporation Ltd (BMRCL). The agreement was inked at New Delhi between the Government of India and the bank.
The AIIB funding is a soft loan and the repayment needs to be completed over a period of 25 years.
While the Centre signed the finance contract, BMRCL has signed a project agreement. An agreement for another 500 million Euros for the underground line had been inked with the European Investment Bank.
The 13.92-km underground network between Diary Circle and Nagawara is a part of the 21km Nagawara-Gottigere Line (Red Line) of BMRCL. It will have 12 stations which will be smaller in dimensions than the underground stations of Phase-I Line.
Two packages have already been awarded to Larsen & Toubro. The technical bids are under evaluation for the remaining two packages. Five companies have taken part in the bids. The technical process is expected to be completed within 15 days.
The corridor has been divided into four packages. The package from Vellara Junction to Shivajinagar (Package 2) and Shivajinagar to Pottery Town (Package 3) have already been awarded to L&T.
While, Diary Circle to Vellara Junction (Package 1) and Tannery Road to Nagawara (Package 4) are in the process of being awarded.