New Delhi: State-run REC Limited, a Maharatna Central Public Sector Enterprise will extend financial assistance of ₹3,045 crore to Bangalore Metro Rail Corporation Limited (BMRCL), for establishment and development of metro lines under phase-II project of Bangalore Metro.
The decision to extend the assistance was taken at the board meeting of REC, held in Bengaluru on Saturday, at which the Board approved the proposal of BMRCL, said a statement from the union ministry of power.
The phase-II project of Namma Metro comprises extension of existing two corridors of phase-I, namely East–West Corridor and North–South Corridor, and two new lines, namely one from R.V. Road to Bommasandra and another from Kalena Agrahara to Nagawara, the stateent said, adding that the lines will traverse some of the densest and high-traffic areas of the city. if (adFreesubs || adLite) { getGooglePubAds(“subs-adfree”); } Phase-II of the poject will enhance connectivity and ease traffic in the densely populated city of Bengaluru. With completion of Phase-II (72.09 km), the combined network of Namma Metro shall stand at a line length of 114.39 km, with 101 stations. REC Limited is an NBFC focusing on power sector financing and development across India. The financial assistance to BMRCL forms part of REC’s foray into funding infrastructure development. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to the complete power sector value chain; for various types of projects including generation, transmission, distribution and renewable Energy. Of late, REC has diversified its portfolio by financing hybrid projects, e-vehicle projects, pumped storage projects solar module manufacturing, and other emerging sectors such as green hydrogen, green ammonia, and round-the-clock (RTC) power projects. Last month, the public sector NBFC reported a 33% growth in its cosolidated net profit to ₹3,065.37 crore during the fourth quarter of FY23, driven by higher income. The company had clocked a net profit of ₹2,301.33 crore during the January-March quarter of FY 2021-22.
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Updated: 25 Jun 2023, 10:27 PM IST