State Bank of India grants Chennai Metro Rs 4.5bn for Phase-2 expansion

Chennai Metro Rail has secured funding of Rs 4.5 billion from the State Bank of India for the acquisition of automatic fare collection gates and 30 train cars.

The award letter to the State Bank of India was issued. The rupee term loan will allocate Rs 1.5 billion for the implementation of phase-2 automatic fare collection gates along the Koyambedu to Sipcot corridor, encompassing corridor-5 and 3.

The remaining Rs 3 billion will be utilized for the procurement of 30 train cars for phase-2.

This marks the first instance of Chennai Metro Rail collaborating with domestic commercial banks for financial support in the implementation of phase-2 projects, as stated in the release.