Embassy Group today announced the signing of an MoU with the Bangalore Metro Rail Corporation Ltd (BMRCL) for the construction of the Kadubeesanahalli Metro Station here, and said it will be funding to the tune of Rs 100 crores towards the project.
The station will be constructed just outside Embassy TechVillage, on the 17-km long recently approved North-South metro corridor on Outer Ring Road.
Stating that the construction will be done in accordance with the facade designs and specifications approved by BMRCL, Embassy in a release said it has agreed to pay an amount of Rs 100 crores to BMRCL for the purpose of the project in installments.
It said the period of concession and permission granted to Embassy Group will be for a period of 30 years starting from the date of commencement of commercial operations and could be extended further on mutual terms.
"We are delighted to partner with BMRCL on the prestigious Namma Metro project and we see this as a positive step by the government to involve the corporates towards improving infrastructure and urban transportation projects in the city," Embassy Group CMD Jitu Virwani said.
The group said as part of the agreement it will maintainKadubeesanahalli Metro Station including housekeeping and maintenance along with all the equipment as per specifications laid by the corporation.
BMRCL had identified and invited private entities and companies to sponsor up to 25 per cent of the total project cost with an intention to congregate funds as well as get corporates to participate in faster funding and completion of transportation projects.
"The MoU signed between BMRCL and the Embassy Group is part of the innovative financing push by Namma Metro and we strongly believe that it will encourage corporates to come forward and contribute in developing the urban infrastructure and build a well-equipped modern city," BMRCL MD Pradeep SinghKharola said.
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