HUDCO to fund Namma Metro to the tune of Rs.700 Crores

The Housing and Urban Development Corporation (HUDCO) has sanctioned a loan for Bangalore Namma metro rail project.

The HUDCO has sanctioned Rs 700 crore loan and it will sign an agreement with the Bangalore Metro Rail Corporation (BMRCL).

The Phase I of the project was estimated to cost Rs 11,609 crore. Earlier, in April 2011, the Asian Development Bank had approved a loan of $250 million to part-fund the project.

BMRCL is set to commence commercial services on the first reach of 7 kms from Baiyyappanahalli to M G Road on the East-West corridor in October 2011.