Cost of first phase of 16 km is estimated at Rs 2,500 crore
A consortium led by Scomi Geodesic, the proponent of Bangalore Monorail Project, has signed up with IERS (ITNL Enso Rail System Ltd), a subsidiary company of IL&FS Transportation Network Ltd (ITNL) as its financial partner. The current cost estimate for the first phase involving 16 kms is approximately Rs 2,500 crore and IERS would fund 74 per cent of the total cost, the company said.
“With the financial part addressed, we will now seek the support of the state government in moving the project for Bangalore forward. We have sought certain changes in the Swiss Challenge guidelines and waiting for the state government approval,” said Sumitra Iyengar, Director-Infrastructure, Geodesic Techniques Pvt. Ltd.
The MoU enables the consortium with the financial capability required to execute the project. The proposed Bangalore Monorail is a public-private partnership project under the Swiss Challenge Procurement process and the model is the first of its kind in Karnataka. The project is currently awaiting final approval from the state government.
The proposal is for a 60 km monorail project to decongest the CBD of Bangalore and also connecting major destinations such as Railway and Metro stations, TTMCs, schools, colleges, hospitals, among others. Construction of the project is divided into four phases with the first phase of 16 kms called the Green Line, connecting Majestic and Agara Lake. Connectivity from the inner city including Race Course Road, Hudson Circle, Lalbagh, ShanthiNagar to HSR and BTM Layout.
Scomi Geodesic has jointly proposed to design, build, own, operate and transfer the three monorail lines.
