Embassy to invest Rs 300 cr in metro, flyover

Embassy to invest Rs 300 cr in metro, flyover

Mike Holland, CEO, Embassy Office Parks, with BMRCL managing director Mahendra Jain on Tuesday.

The Embassy Group on Tuesday finalised its investment of Rs 100 crore in the ORR Metro Line and agreed to invest about Rs 200 crore more on a flyover and other infrastructure works in the city.

The funding of Kadubeesanahalli metro station on the Silk Board-KR Puram line has given a fillip to the innovative funding model.

The state cabinet, while approving the metro line, has said the BMRCL should raise Rs 1,100 crore from private players and has exempted it from the Karnataka Transparency in Public Procurements Act.

Chip giant Intel and developer Prestige have also come forward to invest in metro projects while Biocon has agreed to fund a metro station in RV Road-Bommasandra line. Embassy’s firm step is expected to boost the confidence of more companies.

In a release, the BMRCL Managing Director Mahendra Jain said: “We have signed two agreements (with Embassy), one to augment our finances to expedite work on ORR and the other to facilitate and coordinate work on a new flyover. This is the beginning of an association, a partnership which holds a lot of promise to develop our beautiful city.”

Embassy Group MD Jitu Virwani said the extended section of the Namma Metro will enhance connectivity between various business districts and residential localities. “The Embassy Group will continue to support the creation of world-class public transportation,” he added.

The Kadubeesanahalli metro station will provide access to Embassy Tech Village, which houses 43 companies with 1 lakh employees. The company has promised another
Rs 32 crore towards land acquisition.

The Rs 150 crore flyover between Thanisandra Junction and Nagawara Lake Junction will provide direct access to Manyata Business Park. The group will also invest about Rs 9 crore for a skywalk at the Embassy Tech Park.