The Scomi Geodesic Consortium (SGC), the proponent of the 60-km Bangalore Monorail project, announced that it has signed an MoU for financial partnership with IERS (ITNL Enso Rail System Ltd), a subsidiary company of IL&FS Transportation Network Limited (ITNL).
The MoU provides the consortium with the required financial capability. A first-of-its-kind project, it is a Public Private Partnership (PPP) under the Swiss Challenge Procurement process, and is awaiting final guidelines from the Karnataka Government.
The 60-km Monorail project is aimed at decongestion of Bangalore Central Business District (CBD) and connects Railway and Metro stations, TTMCs, schools, colleges, hospitals, etc.
The four-phase project begins with a 16-km Green Line connecting Majestic and Agara Lake. It will serve as a feeder to Bangalore Metro creating additional transit capacity.
Three lines
SGC has jointly proposed to design, build, own, operate and transfer the three monorail lines at an estimated first phase cost of around Rs 2,500 crore.
“We are delighted to partner with a reputed financial institution like IERS and aspire to help create this much needed infrastructure for Bangalore,” says Kanesan Vellupillai, President, Scomi International.
Srinidhi Anantharaman, MD, Geodesic Techniques (GT) said the MoU marked a major milestone for the consortium. Sumitra Iyengar, Director-Infrastructure of GT added that they were proud to be associated with IERS and will seek the State Government’s support in moving the project forward.”
Sanjiv Rai, MD, IERS said they were excited about the opportunity to bring relief to Bangalore’s commuters. He added that Monorail system is a globally accepted feasible mode of transport.