Rs 3,700-cr loan likely for Nagawara-Gottigere line

Rs 3,700-cr loan likely for Nagawara-Gottigere line

The Bangalore Metro Rail Corporation Ltd has received in-principle approval from the European Investment Bank (EIB) for Rs 3,700 crore loan for the 13.79-km underground section in Phase 2.

"The 13.79-km underground section is part of the 21.25-km new line in Reach 6 of Phase II extension that will connect Nagawara and Gottigere. EIB has agreed in principle to provide Rs 3,700-crore loan," BMRCL managing director Pradeep Singh Kharola said.

A delegation from the bank visited BMRCL last week and held meetings. "They have inspected the Metro projects already in progress. They will submit a report to EIB's higher officials on BMRCL's repayment capacity based on which we will get the loan," Kharola added.

Kharola said BMRCL officials had to encounter a lot of hurdles and face several problems during work on the 8.82-km underground section in Phase I. "We have learnt many lessons now. We will take appropriate steps so that mistakes are not repeated in Phase II.”

Metro works were delayed on the Sampige Road-Majestic underground section when Godavari tunnel boring machine's (TBM) cutter head broke 60 feet below the ground. BMRCL had to encounter several problems in the Chickpet-Victoria Hospital stretch as the TBM had to cut through boulders and negotiate through old wells and tunnels built by erstwhile rulers.

The underground section from Nagawara to Dairy Circle in Reach 6 (Phase II) has 12 stations. From Swagath Road Cross to Gottigere, the Metro will run on an elevated section. The line connects major hubs like MG Road, Shivajinagar and Cantonment railway station.

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