<p>The union cabinet Thursday gave its approval to the second phase of Bangalore Metro Rail Project to improve public transport in the city.<br /><br /></p>.<p>According to an official release, the cost of the project was estimated to be Rs.26,405.14 crore at 2011-12 price levels "with price escalation of five percent per annum".<br /><br />The project is scheduled to be completed in five years from the date of commencement of work. "The cabinet has approved the Bangalore Metro Rail Project Phase-2. This project will improve the public transport system in the city of Bangalore and provide the much needed additional public transport infrastructure for the city," the release said.<br /><br />Of the total cost, the central government will provide Rs.5,281 crore and Karnataka government's share will be Rs.8,983 crore. Karnataka's share includes a grant of Rs.1,689.90 crore while the balance amount of Rs.12,141.14 crore will be raised through debt.<br /><br />The project will be executed by Bangalore Metro Rail Corporation Ltd - the existing Special Purpose Vehicle (SPV) of central and state governments having 50:50 equity from each, the release said.<br /><br />Projecting frequency of travel by the commuters on various sections, it said that in the east-west line, the daily ridership would be 4.27 lakh in 2016 and 10.07 lakh in 2014.<br /><br />Similarly, in the north-south line, the daily readership was estimated at 5.51 lakh in 2016 and 10.93 lakh in 2014.</p>
<p>The union cabinet Thursday gave its approval to the second phase of Bangalore Metro Rail Project to improve public transport in the city.<br /><br /></p>.<p>According to an official release, the cost of the project was estimated to be Rs.26,405.14 crore at 2011-12 price levels "with price escalation of five percent per annum".<br /><br />The project is scheduled to be completed in five years from the date of commencement of work. "The cabinet has approved the Bangalore Metro Rail Project Phase-2. This project will improve the public transport system in the city of Bangalore and provide the much needed additional public transport infrastructure for the city," the release said.<br /><br />Of the total cost, the central government will provide Rs.5,281 crore and Karnataka government's share will be Rs.8,983 crore. Karnataka's share includes a grant of Rs.1,689.90 crore while the balance amount of Rs.12,141.14 crore will be raised through debt.<br /><br />The project will be executed by Bangalore Metro Rail Corporation Ltd - the existing Special Purpose Vehicle (SPV) of central and state governments having 50:50 equity from each, the release said.<br /><br />Projecting frequency of travel by the commuters on various sections, it said that in the east-west line, the daily ridership would be 4.27 lakh in 2016 and 10.07 lakh in 2014.<br /><br />Similarly, in the north-south line, the daily readership was estimated at 5.51 lakh in 2016 and 10.93 lakh in 2014.</p>