SBI to finance Rs 4.50 bn for Chennai Metro phase-2

The funding of Rs 4.50 billion for the procurement of automatic fare collection gates and 30 train cars for Chennai Metro Rail will be provided by the State Bank of India. According to a release, a letter of award was issued to State Bank of India. The rupee term loan, as mentioned in the release, is set to be utilised, with Rs 1.50 billion allocated for the phase-2 automatic fare collection gates from Koyambedu to Sipcot, covering corridor-5 and 3. The remaining Rs 3 billion will be earmarked for the acquisition of 30 train cars for phase-2. The release highlights that this marks the first instance of Chennai Metro Rail collaborating with domestic commercial banks for meeting the funding requirements for phase-2 work.