REC to provide Rs 3,045 cr finance to Bangalore Metro Rail Corporation

State-owned REC Ltd will provide Rs 3,045 crore financing to Bangalore Metro Rail Corporation for the development of the Phase II project in Bengaluru.

The company said in a statement that the REC approved a proposal in this regard at the board meeting held on Saturday.

The phase two project consists of extending two lanes from phase one and constructing two new lines of RV road to Bommasandra and Kalena Agrahara to Nagawara.

The project will enhance connectivity and facilitate traffic in the city.

With the completion of the second phase (72.09 km), the combined Bangalore metro network will be 114.39 km long, with 101 stations.

REC is an NBFC focused on energy and development sector financing across India.

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First published: June 24, 2023 | 9:01 PM ist