L&T, DRDO ink deal for Scorpene submarines' AIP modules

27 Jun 2023 CW Team

Bangalore Metro Rail Corporation Limited (BMRCL) will receive financial assistance totaling Rs. 30.45 billion from REC Limited, a Maharatna Central Public Sector Enterprise under the Union Ministry of Power, for the formation and development of metro lines as part of Bangalore Metro's Phase-II project. At the REC board meeting conducted in Bengaluru on June 24, 2023, where the board approved the proposal of BMRCL, the decision was made to extend the support.

Namma Metro's Phase-II project consists of extending the existing two corridors of Phase-I, namely the East-West Corridor and the North-South Corridor, as well as building two additional lines, one from R.V. Road to Bommasandra and another from Kalena Agrahara to Nagawara. These lines will run through some of the city's most densely populated and heavily traveled districts. Phase II of the project will improve connectivity and traffic flow in Bengaluru, a heavily populated city. With the completion of Phase II (72.09 km), the combined network of Namma Metro will be 114.39 km long, with 101 stations.

REC Limited is an NBFC based in India that specializes in power sector financing and development. The financial assistance to BMRCL is part of REC's venture into infrastructure development funding. REC Limited began operations in 1969 and has already been in existence for nearly fifty years. It provides financial assistance to the entire power sector value chain, including generation, transmission, distribution, and renewable energy projects. The funding provided by REC shines every fourth bulb in India.

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