Bangalore: The Karnataka government late Tuesday approved the second phase of the Bangalore Metro project (51 km) at a cost of a whopping Rs.14,774 crore (Rs.147.74 billion).
"The cabinet has given approval for the second phase of the Namma Metro comprising 51 km at a cost of Rs.14,774 crore by the Bangalore Metro Rail Corporation Ltd (BMRCL), which is executing the first phase of 42.5km at a cost of Rs.11,609 crore," Higher Education Minister V.S. Acharya told reporters here.
The second phase will be built at five places across this tech hub, with the state government contributing Rs.6,395 crore as its share to the ambitious project.
The balance Rs.8,379 crore will be shared by the central government and the Japan Bank for International Cooperation through a long-term credit.
"The detailed project report has been submitted by the Delhi Metro Rail Corporation Ltd (DMRCL). The project cost has been revised from the estimated Rs.5,453 crore in 2005-06 due to overall increase in the cost of construction at the prevailing rates," Acharya said after the cabinet meeting.
The second phase of the metro route will operate from Mysore Road to Kengeri (7.7km), Baiyappanahalli to International Technology Park Ltd (ITPL) at Whitefield (11.6km), Hesaraghatta to Bangalore International Exhibition Centre (BIEC) on Tumkur road (4.2km), Puttenahalli Cross to Anjanapura (6.7km) and from Indian Institute of Management (IIM) at Bannerghatta to Nagavara, a distance of 21.1km.
The first phase is under implementation by the state-run BMRCL, a special purpose vehicle floated by the state government with equity participation by the central government.
The state and central governments have 15 percent equity state each in the metro project.
The East-West corridor connecting Baiyappanahalli to Mysore Road terminal covers 18.1km and the North-South corridor from Hessaraghatta to Puttenahalli covers 23.7km.
The first phase is scheduled to be completed by September 2012. Out of the 42.3km, 8.8km will be underground near City Railway Station, Vidhana Soudha, Majestic and City Market and the rest will be elevated.
"The first reach between Baiyappanahalli and the Cricket Stadium on M G Road will be completed by December 2010. The second phase of the project will be taken up simultaneously with the first phase, Acharya added.