Chennai Metro Rail Limited (CMRL) has achieved a significant milestone by securing a Letter of Award (LoA) for INR 450 Crores from State Bank of India marking a crucial step in funding the Chennai Metro Phase-2 project for AFC from Koyambedu to Sipcot and Rolling Stock (30 Cars).
The Rupee Term Loan will be utilised as INR 150 Crores towards Phase-2 AFC (Koyambedu to Sipcot) work and INR 300 Crores towards procurement of 30 train cars for Phase-2. This is the first of its kind that Chennai Metro has tied up with domestic commercial banks towards funding requirements of the Phase-2 work.
Dr. Prasanna Kumar Acharya, Director-Finance on behalf of Chennai Metro Rail Limited issued the letter of Award to State Bank of India represented by Mr. Jaleel Hasanath Syed Umar, Additional General Manager SBI, Chennai on 09th January, 2024. Mr. R. Murali, Chief General Manager (F&A), Dr. D. Jebaselwin Gladson, General Manager (CM), Mr. Hari Ganesh, General Manager (F&A), and other officials were present during the occasion.
Brief About Phase-2:
- The Phase-2 expansion is an ambitious endeavour covering a sprawling 118.9 Km network with 128 no. of Stations. It encompasses three Corridors i.e. Corridor -3 From Madhavaram to SIPCOT (45.8 Km), Corridor -4 From Lighthouse to Poonamalle Bypass (26.1 Km), Corridor-5- From Madhavaram to Sholinganallur (47 Km).
- The estimated project cost stands at 63246/- Cr (Rupees Sixty three thousand two hundred and forty six only) (including IDC). This proposal is under the process and approval of the Government of India. The project aims for completion by the end of 2026, promising enhanced connectivity and convenience for the residents of Chennai.
With Phase-2 poised to be a transformative chapter for Chennai’s metro infrastructure, the proactive engagement with financial institutions showcases a progressive approach towards realising the city’s transformation aspirations. As we anticipate the unfolding developments, this collaboration paves the way for a more accessible and efficient metro system, contributing to the city’s growth and development.
Source: CMRL- Press Release | Image Credit: CMRL
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