Bagmane to pay Rs 40 crore for naming rights for DRDO metro station

Bengaluru:Bagmane Developers Pvt Ltd is paying Bangalore Metro Rail Corporation Limited (BMRCL) Rs 40 crore to get naming rights for the DRDO Sports Complex metro station for 20 years. 

It will also pay Rs 10 crore each to get direct connectivity through foot overbridge/walkway between its campus and the concourse of three metro stations (Seetharamapalya, Bellandur, and Isro) for 30 years. It has paid an advance of Rs 10 crore to the BMRCL. 

The company signed a Memorandum of Understanding (MoU) with the BMRCL on Tuesday. 

This is the third MoU signed under innovative financing mechanism on the 58.19-km Blue Line, which will connect Silk Board Junction with the Kempegowda International Airport via KR Pura. 

The Blue Line is expected to reduce traffic congestion on eastern side of the Outer Ring Road (Silk Board Junction to Hebbal), which houses a large number of tech companies.