Rapid metro Phase 2 bagged loan deal for expansion
The Metro firm has signed a loan arrangement for the second phase of the Intra City rapid metro project, while the first phase is all set to start in Gurgaon this May.
The Rapid Metro Rail Gurgaon South Limited (RMGSL), the Special Purpose Vehicle (SPV) is formed for taking of the phase 2 project, has signed the loan arrangement with a consortium of three banks.
The consortium, led by Canara Bank, will give RMGSL a loan of Rs. 1,500 crore, while the company will invest Rs 643 crore as equity for the Rs 2,143-crore project.
The phase-2 will connect Sikandarpur with Sector 55-56, a seven-kilometer route with six stations. The work on the phase-2 will start very soon.
After the completion of the construction work on Phase 1 and 2, the Rapid Metro network will be a 12-kilometre long system with 12 stations in Delhi.
The managing director of the L&FS Rail Ltd, who is also the promoter of the project, said they will complete the contract and work on the phase-2 within May 2013 itself.
With Haryana Urban Development Authority, the RMGSL signed the concession agreement in January and the project is being implemented on public-private-partnership basis.
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