Embassy lines up Rs. 250 crore for metro station and flyover
Date: June 07, 2018
City-based real-estate developer Embassy Group has committed to fund a metro station in the city. On Tuesday, the group signed an agreement with the Bangalore Metro Rail Corporation that it will fund the Kadubeesanahalli station, which will be part of the 17-km KR Puram-Central Silk Board line.
The developer also promised to fund a flyover to allow easy flow of traffic in and out of the Embassy Manyata Business Park at Nagawara. The group has pledged Rs. 250 crore for the two projects.
This is in tune with the innovative financing mechanism that the BMRCL is trying to promote with the private sector.
In February this year, global technology major Intel signed a deal to invest Rs. 100 crore for the construction of the Bellandur metro station.
While the state and union governments provide 10% each to fund metro projects, the BMRCL hopes to raise the remaining fund through borrowing and innovative financing mechanisms. The project, which is scheduled be ready along with the 72-km Namma Metro Phase II, was delayed due to poor response from private companies. According to officials, the BMRCL will award the contract for civil work in a month.
As many as six construction companies have participated in the tender to build the project. On Tuesday, the Embassy Group also signed another contract to build a unidirectional flyover between Thanisandra junction and Nagawara Lake, leading directly in and out of the Embassy Manyata Business Park. The project is expected to cost Rs. 150 crore. BMRCL managing director Mahendra Jain said two separate agreements were signed for the metro station and the flyover.
Embassy Group chairman Jitu Virwani said that the Kadubeesanahalli station — Embassy TechVillage metro station — will be located at the entrance to “our established Business Park serving over 1 lakh corporate occupiers and 43 companies operating within the park.”
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//economictimes.indiatimes.com/articleshow/64474239.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstEmbassy Group chairman Jitu Virwani said that the Kadubeesanahalli station — Embassy TechVillage metro station — will be located at the entrance to “our established Business Park serving over 1 lakh corporate occupiers and 43 companies operating within the park.”