REC Limited, a Maharatna Central Public Sector Enterprise affiliated with the Union Ministry of Power, has announced its commitment to provide financial support of Rs. 3,045 crores to the Bangalore Metro Rail Corporation Limited (BMRCL). This funding aims to facilitate the expansion of the Bangalore Metro Phase-II Project, which seeks to enhance connectivity and alleviate traffic congestion in the city. The project involves extending existing corridors and adding new lines to the metro network, promising significant benefits to the residents of Bangalore.
Expansion of Bangalore Metro Phase-II Project:
- Enhancing City Connectivity and Reducing Traffic Congestion: The primary objective of the Bangalore Metro Phase-II Project is to improve the city’s connectivity and address the growing traffic congestion. By expanding the metro network, the project aims to provide a reliable and efficient mode of transportation for the residents of Bangalore.
- Extension of Existing Corridors and Addition of New Lines: The expansion project involves extending two existing corridors from Phase-I, namely the EastWest Corridor and NorthSouth Corridor. Additionally, two new lines will be introduced, connecting R.V. Road to Bommasandra and Kalena Agrahara to Nagawara. These new lines will traverse some of the busiest and densely populated areas of Bangalore, catering to the transportation needs of a significant portion of the city’s population.
- Boosting Metro Network Length and Stations: Upon the completion of Phase-II, the Bangalore Metro network’s total length will reach 114.39 km, with 101 stations. This substantial expansion will greatly enhance the coverage and accessibility of the Namma Metro system, benefiting a wider population.
REC Limited’s Role in Infrastructure Development:
- Established Financial Institution: REC Limited, established in 1969, is a Non-Banking Financial Company (NBFC) primarily focused on power sector financing and development across India. With over five decades of experience, REC has played a vital role in providing financial assistance to various aspects of the power sector value chain, including generation, transmission, distribution, and renewable energy projects.
- Expanding Scope into Infrastructure Development: By extending financial support to the Bangalore Metro Phase-II Project, REC Limited is venturing into infrastructure development, showcasing its commitment to contributing to the growth and modernization of the country’s transportation systems. This move aligns with REC’s goal of fostering progress in critical sectors and supporting national development initiatives.
Significance:
- Improved Connectivity and Reduced Travel Time: The expansion of the Bangalore Metro Phase-II Project will significantly enhance connectivity within the city. Commuters will experience reduced travel time and enjoy a convenient mode of transportation, leading to enhanced productivity and improved quality of life.
- Convenient and Efficient Transportation: With the metro lines traversing densely populated and high-traffic areas, the project will provide a reliable and efficient transportation option. It will alleviate the burden on the city’s roads, resulting in smoother traffic flow and reduced congestion.
- Promoting Sustainable and Reliable Public Transport: The development of the Bangalore Metro Phase-II Project aligns with the government’s vision of promoting sustainable and reliable public transportation systems in major urban centers. Metro networks offer an eco-friendly mode of transport, reducing carbon emissions and promoting a greener environment.
- Economic Growth and Investments: The increased accessibility brought about by the metro expansion will attract investments and spur economic growth in areas along the metro corridors. Businesses and industries will benefit from improved connectivity, leading to increased opportunities and development.
