Bengaluru: Embassy to construct Metro station, spend Rs 300 crore
The station will be built at a cost Rs 100 crore and the Embassy Group will also build a skywalk near it at a cost of about Rs 9 crore.
Bengaluru: In the first sign that the JD(S)-Congress government is set on ending the city's traffic gridlock by improving its metro connectivity, the Bangalore Metro Rail Corporation Ltd (BMRCL) signed an MoU with the Embassy Group on Tuesday for construction of a Metro station near the Embassy Tech Village (ETV) in Kadubeesanahalli on the Outer Ring Road as part of its plan to build Metro stations under a Public Private Partnership (PPP) basis.
The station will be built at a cost Rs 100 crore and the Embassy Group will also build a skywalk near it at a cost of about Rs 9 crore.
Speaking on the occasion, BMRCL Managing Director, Mahendra Jain said, "It is a matter of great pleasure that Embassy Group has come forward to join hands with Namma Metro in its ambitious plans to 'connect' Bengaluru. We have signed two agreements, one to augment our finances to expedite work on Outer Ring Road and the other to facilitate and coordinate work on the new flyover."
Embassy Group Managing Director Jitu Virwani noted that the Embassy Tech Village Metro station would be located at the entrance of its Business Park serving over one lakh corporate occupiers and 43 companies operating within it. Besides investing in its construction, Embassy will be responsible for housekeeping and maintenance of the Metro station.
The Group will be entitled to utilise pre-determined spaces for advertisements and will also use the leasable retail space measuring approximately 3,000 sq. ft in addition to leveraging the linear zone of 250 metres around the Kadubeesanahalli Metro station. Additionally, the company will contribute Rs 32 crore towards acquiring a parcel of land to facilitate Metro-related work in the area.
The Embassy Group, which has committed to investing over Rs 300 crore in the city's infrastructure projects such as the Metro station, flyovers and walkways, is also funding the flyover between Thanisandra junction and Nagawara Lake junction with dual spur roads, leading directly in and out of Embassy Manyata Business Park at a cost of Rs 150 crore.