June 26, 2023: REC Limited, a Maharatna Central Public Sector Enterprise under the power ministry, has decided to extend financial assistance of Rs 3,045 crore to the Bangalore Metro Rail Corporation Limited (BMRCL). The decision to extend the assistance was taken at the board meeting in Bangalore on June 24.
The fund will be used to build metro lines under Bangalore Metro Phase-II. Phase-II of the Namma Metro comprises extension of existing two corridors of Phase-I, namely the East–West Corridor and the North–South Corridor, and two new lines, namely one from the RV Road to Bommasandra and another from Kalena Agrahara to Nagawara. These lines will traverse some of the densest and high-traffic areas of the city.
Phase-II of the project will enhance connectivity and ease traffic in the densely populated city. With completion of Phase-II (72.09 km), the combined network of the Namma Metro will reach 114.39 km, with 101 stations.
REC is a non-banking finance company focusing on power sector financing and development across India. The financial assistance to the BMRCL forms part of REC’s foray into funding infrastructure development. Established in 1969, REC has completed over 50 years of operations. It provides financial assistance to the complete power sector value chain for various types of projects including generation, transmission, distribution and renewable energy.
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