Bangalore Metro Rail phase II gets Cabinet nod.

The Union Cabinet recently approved the phase II of the Bangalore Metro Rail Project, which aims at providing additional infrastructure for the city's public transport system.

The total cost of the project is estimated to be Rs. 26,405.14 crore at the price levels of 2011-12, with price escalation of 5 per cent a year (including escalation and Central taxes and excluding State taxes and duties), an official statement said.

The Centre will allocate Rs.5,281 crore towards the project, while the State's (Government of Karnataka) share will be Rs. 8,983 crore, including a grant of Rs. 1,689.90 crore.

The balance Rs. 12,141.14 crore will be raised through long-term debt.

HBL