<p class="title">The airport metro project is set to gain momentum with the Bangalore Metro Rail Corporation Limited (BMRCL) seeking a loan worth 500 million USD. The BMRCL will also request Rs 500 crore as aid from the Centre. The move comes after a proposal to raise funds through the User Development Fee (UDF) has been put off.</p>.<p class="bodytext">Managing Director Ajay Seth said the corporation is looking for the $500 million, ideally in a long-term loan of up to 20 years with a moderate interest rate. The formal request for a loan has to go through the Union government. “We have held a discussion with the Asian Development Bank (ADB). The request is yet to be sent to the Union government,” he said.</p>.<p class="bodytext">The BMRCL is trying to shore up funds for the project after the Airports Economic Regulatory Authority (AERA) in June blocked a proposal to raise Rs 1,000 crore through UDF. As per the AERA ruling, additional UDF can be levied after the metro services begin.</p>.<p class="bodytext">The corporation will also seek Rs 500 crore from the Centre as per the new metro policy, where the Union government will provide 10% of the cost for a project, raising funds through innovative financing models.</p>.<p class="bodytext">As per the financial plan approved by the cabinet, the state government is expected to pitch in Rs 1,250 crore, and the Centre, Rs 500 crore (8.40% of the project’s cost).</p>.<p class="bodytext">The alignment of the metro line to the airport is likely to be revised with the BMRCL planning to connect the line at Hebbal instead of Nagavara.</p>
<p class="title">The airport metro project is set to gain momentum with the Bangalore Metro Rail Corporation Limited (BMRCL) seeking a loan worth 500 million USD. The BMRCL will also request Rs 500 crore as aid from the Centre. The move comes after a proposal to raise funds through the User Development Fee (UDF) has been put off.</p>.<p class="bodytext">Managing Director Ajay Seth said the corporation is looking for the $500 million, ideally in a long-term loan of up to 20 years with a moderate interest rate. The formal request for a loan has to go through the Union government. “We have held a discussion with the Asian Development Bank (ADB). The request is yet to be sent to the Union government,” he said.</p>.<p class="bodytext">The BMRCL is trying to shore up funds for the project after the Airports Economic Regulatory Authority (AERA) in June blocked a proposal to raise Rs 1,000 crore through UDF. As per the AERA ruling, additional UDF can be levied after the metro services begin.</p>.<p class="bodytext">The corporation will also seek Rs 500 crore from the Centre as per the new metro policy, where the Union government will provide 10% of the cost for a project, raising funds through innovative financing models.</p>.<p class="bodytext">As per the financial plan approved by the cabinet, the state government is expected to pitch in Rs 1,250 crore, and the Centre, Rs 500 crore (8.40% of the project’s cost).</p>.<p class="bodytext">The alignment of the metro line to the airport is likely to be revised with the BMRCL planning to connect the line at Hebbal instead of Nagavara.</p>