Bengaluru (India), 25th June 2023: The state-owned REC Ltd is going to lend Bangalore Metro Rail Corporation Rs 3,045 crore to develop the Phase-II project in Bengaluru.
According to a company statement, a proposal in this respect was adopted by REC’s board of directors during a meeting held on Saturday.
The Phase II project entails extending two routes from Phase I and building two new lines from RV Road to Bommasandra and Kalena Agrahara to Nagawara.
The project will improve connectivity and reduce traffic congestion in the city.
including the completion of Phase II (72.09 km), Bangalore Metro’s total network length would be 114.39 km, including 101 stations.
REC Limited, originally Rural Electrification Corporation Limited, is a holding company of Power Finance Corporation Limited (PFC), which is owned by the Ministry of Power, Government of India.
It sponsors and supports energy initiatives throughout India. The PSU lends to the country’s Central/State Sector Power Utilities, State Electricity Boards, Rural Electric Cooperatives, NGOs, and Private Power Developers.
