Embassy lines up Rs. 250 crore for metro station and flyover
The Embassy Group has committed to fund a metro station in the city. The group signed an agreement with the Bangalore Metro Rail Corporation that it will fund the Kadubeesanahalli station, which will be part of the 17km 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, 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 72km Namma Metro Phase II, was delayed due to poor response from private companies. The BMRCL is expected to award the contract for civil work in a month. 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.”
The project is in tune with the innovative financing mechanism that the BMRCL is trying to promote with the private sector.