Leading bank State of India (SBI) is prepared to approve a loan of Rs 450 crore, which will be used to construct the Chennai Metro Rail Phase-II (Koyambedu-Sipcot) project, in an effort to completely transform the city’s transportation system. According to information provided, 150 crores of the total would be used for Phase-II construction, with the remaining funds going toward the purchase of 30 train carriages.
SBI CMRL Partnership
Chennai Metro Rail Limited (CMRL) has taken the initial step toward collaborating with a commercial bank in order to capitalize on the potential advantages of making the Phase-II work a huge success. Jaleel Hasanath Syed Umar, general manager of SBI, received a letter of award on behalf of the CMRL from Director of Finance Dr. Prasanna Kumar Acharya in Chennai.
Project Value: 61,843 crore rupees
Even though the state government has been funding the project for the last two years, the federal government has not yet given the project, which is valued at over Rs 61,843 crore, the go-ahead.
Phase-II Expansion Project In Progress
The phrase “Rupee loan” will be essential to the project’s success. In addition to laying the groundwork for the Phase II infrastructure, Chennai Metro and SBI’s cooperation will improve connectivity, which will improve public transportation even further.
Meanwhile, development on Phase II of the metro project is underway. The relevant authorities have been moving forward with bringing the project online on schedule. Under the Adyar River, tunnel construction has already begun, with tunnels being dug down to a depth of around eighteen meters in order to enhance the metro system of the city.
