K’taka to borrow Rs 7,438 cr for B’luru suburban rail project

Bengaluru, Nov 12 : The Karnataka government would borrow Rs 7,438 crore to fund the 148km suburban rail project across Bengaluru, state law and parliamentary affairs minister J.C. Madhuswamy said on Thursday.
“The state cabinet has approved the proposal to borrow the amount through a special purpose vehicle (SPV) as part of the state’s share in the Rs 18,600-crore suburban rail project across the city, being implemented jointly with the Indian Railways,” Madhuswamy told reporters here.
The state government and the Ministry of Railways will guarantee the loan to be shared equally by them.
“The central and state governments will also contribute Rs 2,479 crore respectively to the mega project, which will ease vehicular pressure on city roads and meet the need for alternative transport,” said Madhuswamy.
The project will have four corridors, connecting Bengaluru with Devanahalli near the international airport (41.4km and 15 stations), Baiyappanahalli with Chikkabanavara (25km and 14 stations), Kengeri with Whitefield (35.52km and 14 stations) and Heelalige with Rajanakunte (46.24km and 19 stations).
The Union Cabinet on October 7 had approved the suburban rail project, which has been pending over the years to provide an efficient commuting network to the burgeoning tech city of 1.3-crore denizens.