REC Limited has decided to extend a financial assistance of Rs. 3,045 crores

REC Limited, a Maharatna Central Public Sector Enterprise under the Union Ministry of Power, has decided to extend a financial assistance of Rs. 3,045 crores Bangalore Metro Rail Corporation Limited (BMRCL), for establishment and development of Metro lines under II. phase of the Bangalore Metro project.
The decision to extend the assistance was taken at the REC board meeting held in Bengaluru on June 24, 2023, in which the board approved BMRCL’s proposal.
Project II. the stages of the Namma Metro include the expansion of the existing two corridors of Stage I, namely the East-West Corridor and the North-South Corridor; and 2 new lines, one from R.V. Road to Bommasandra and another from Kalena Agrahara to Nagawara. These lines will pass through some of the densest and busiest areas of the city.
Phase II of the project will enhance connectivity and facilitate transportation in the densely populated city of Bengaluru. After completing II. phase (72.09 km), the Namma Metro combined network will have a line length of 114.39 km with 101 stations.
REC Limited is an NBFC with a focus on financing and developing the power sector across India. BMRCL’s financial assistance forms part of REC’s foray into financing infrastructure development. REC Limited was established in 1969 and has completed more than fifty years of operation. It provides financial assistance to the entire value chain of the energy sector; for various types of projects including generation, transmission, distribution and renewable energy. REC funding lights one in four light bulbs in India.
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