In a move to revolutionise the transport system in Chennai, the leading bank State of India (SBI) is all set to sanction a loan of Rs 450 crore, which will be used in making the Chennai Metro Rail Phase-II (Koyambedu-Sipcot) project. It has been informed that out of the total, 150 crores will be invested for the Phase-II work and the remaining amount will be utilized for the procurement of 30 train cars.
CMRL Partnership SBI
The step has been initiated for the first time, where Chennai Metro Rail Limited (CMRL) will be partnering with a commercial bank, taking the benefits of making the Phase-II work a big hit. On behalf of the CMRL, Director of Finance Dr Prasanna Kumar Acharya has already issued a letter of award to SBI’s General Manager Jaleel Hasanath Syed Umar on the same in Chennai.
Project Worth Rs 61,843 Crore
However, desipite being funded by the state government for the last two years, the project worth more than Rs 61,843 crore is yet to receive a green signal from the union government.
Phase-II Expansion Work Underway
The term Rupee loan will play a pivotal role in making the project. The partnership between both Chennai Metro and SBI will not just make a root in developing the Phase II infrastructure, but also will contribute to making the public transport system better than ever by enhancing connectivity.
Meanwhile, the metro project Phase II work is in full swing. The concerned authorities have been making progress in making the project operational on time. The tunneling work has already kickstarted beneath the Adyar River, excavating tunnels at a depth of approximately 18 meters to expand the city’s metro infrastructure.
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