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| Geodesic Techniqies pegs monorail cost at Rs 3,000 cr |
| Mahesh Kulkarni / Chennai/ Bangalore Jul 28, 2010, 00:07 IST |
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Geodesic Techniques Pvt Ltd, the Bangalore-based provider of steel intensive structures, which has proposed a monorail for Bangalore under the Swiss Challenge model, has estimated the cost of building the first phase of the project at Rs 3,000 crore. The first phase would run from Majestic to Agara, spanning 15.7 kms.
The company is likely to submit a detailed financial bid to the Karnataka government by the middle of August 2010, a top official of the company said.
“We have completed the detailed project report for the 60-km monorail for Bangalore city and would submit the financial bid for the first phase of the project in August. Once we submit the final document, we need to finalise the financial partner who would bring in the balance funds including debt to implement the project,” Sumitra Iyengar, director-infrastructure, Geodesic Techniques Pvt Ltd, said.
She said the company would be forming a special purpose vehicle (SPV) to implement the project. About 30 per cent of the project cost would come by way of equity and the balance will be debt. The financial partner would bring in the debt portion.
The details are presently being finalised.
Geodesic has already roped in Scomi Engineering Bhd, a subsidiary of Malaysia-based Scomi Group Bhd, to jointly bid for the monorail project under design, build, own, operate and transfer basis, the first in Bangalore city.
“We are presently in talks with a host of financial institutions, banks and government agencies in the country to partner us as financial partner. Once the project is awarded to us, we will finalise the financial partner,” Iyengar told Business Standard.
Scomi Engineering will provide the rolling stock for the project and Geodesic will do the design and construction of the project. The third partner in the SPV will be the main financier for the project, she added.
Once the company submits its final proposal, the state would float global tenders for the project inviting interested companies to challenge the original proponent. The project work is slated to commence in January 2011.
Geodesic reported a turnover of Rs 150 crore in 2009-10, showing a growth of 25 per cent over the previous year.
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