Scomi Geodesic Consortium ties up with IERS
The Scomi Geodesic Consortium, the proponent of a 60 km Bangalore Monorail Project, announced that it has signed up with IERS (ITNL Enso Rail System Ltd), a subsidiary company of IL&FS Transportation Network Limited (ITNL) as its financial partner. The MoU was signed between Scomi Geodesic consortium and IERS, and signifies a major milestone for the Monorail Project and provides the consortium with the financial capability required to execute the project. The proposed Bangalore Monorail is a PPP under the Swiss Challenge Procurement process and the Model is the first of its kind in Karnataka. The project awaits final guidelines from the Government of Karnataka.
The Proposal is for a 60 Km monorail project achieving decongestion of the CBD of Bangalore and also connecting tmajor destinations such as Railway and Metro stations, TTMCs Schools, Colleges, Hospitals, etc. Construction of the project is divided into four phases withthe first phase of 16km called the Green Line, connecting Majestic and Agara Lake. connectivity from the inner city including Race Course Road, Hudson Circle, Lalbagh, ShanthiNagar to HSR and BTM Layout. The monorail will also serve as a feeder to Bangalore Metro and create additional transit capacity. Scomi Geodesic has jointly proposed to design, build, own, operate and transfer the three monorail lines. The current cost estimate for the first phase is approximately Rs2500 crore.
According to Mr Kanesan Vellupillai, President, Scomi International, “We are delighted to partner with a reputed financial institution like IERS. After joining forces with Geodesic for the Bangalore monorail project bid, it has been our constant endeavour to forge strategic financial partnerships that further strengthens our consortium’s proposal. Through this initiative & collative vision of the firms’ working together, we aspire to help create the much needed infrastructure for the city of Bangalore."
Srinidhi Anantharaman, Managing Director, Geodesic Techniques said, “The signing of the MoU marks a major milestone for the consortium and positions us well as the process moves towards the last stages of approval. It is also highly assuring that one of the country’s foremost infrastructure development and finance groups has seen value in the proposal and has come onboard.”
In his comments, Sanjiv Rai, Managing Director, IERS, said,” We are excited about the opportunity to team with Scomi and Geodesic to bring relief to city commuters of Bengaluru. He further added that “We find immense value being a part of this consortium. Monorail system has been accepted as a feasible mode of transport globally and has been recognized by various state governments in India. IERS is proud to be financing and fuelling India’s infrastructure growth with expert firms like Scomi Engineering and Geodesic Techniques.”
“We are proud to be associated with IERS. With the financial part also addressed we will now seek the support of the state government in moving this much needed project for Bangalore forward.” Added Sumitra Iyengar, Director-Infrastructure, Geodesic Techniques Pvt. Ltd.