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Kochi Metro Rail Ltd has approved a proposal to get a long-term loan of Rs 1,170 crore from Canara Bank.
A decision in this regard was taken at the 15{+t}{+h} meeting of the Board of Directors held in New Delhi on Monday. The meeting was presided over by KMRL Chairman Sudhir Krishna.
The bank loan is for a term of 20 years with a moratorium of seven years. The rate of interest will be 10.8 per cent floating. This is the first time a nationalised bank is funding a metro rail project for such a long tenure on sole banking basis.
The Board also reviewed the progress of the project in terms of civil work, tendering and other aspects.
A decision in this regard was taken at the 15{+t}{+h} meeting of the Board of Directors held in New Delhi on Monday. The meeting was presided over by KMRL Chairman Sudhir Krishna.
The bank loan is for a term of 20 years with a moratorium of seven years. The rate of interest will be 10.8 per cent floating. This is the first time a nationalised bank is funding a metro rail project for such a long tenure on sole banking basis.
The Board also reviewed the progress of the project in terms of civil work, tendering and other aspects.
Pact signed
A tripartite agreement was also signed between the Union Government, Kerala Government and KMRL defining their roles and responsibilities in the project.
The Board took note of the appointment of consultants for social impact assessment and R&R study and also for the environmental impact study.
Aarvee Associates from Hyderabad will do design a comprehensive rehabilitation and resettlement policy and a compensation package for whose livelihoods are affected by the project and Senes Consultants Pvt Ltd, Noida, will prepare the environment impact assessment for the project.
The Board of Directors took note of the action taken regarding facilities to be provided for differently abled persons and senior citizens in the metro system.
The Board also approved the induction of V. Somasundaran, Additional Chief Secretary, Finance, in place of V.P. Joy as Director and notification regarding implementation of Central Metro Acts.
sajeevkumar.v@thehindu.co.in
Source: thehindubusinessline
The Board took note of the appointment of consultants for social impact assessment and R&R study and also for the environmental impact study.
Aarvee Associates from Hyderabad will do design a comprehensive rehabilitation and resettlement policy and a compensation package for whose livelihoods are affected by the project and Senes Consultants Pvt Ltd, Noida, will prepare the environment impact assessment for the project.
The Board of Directors took note of the action taken regarding facilities to be provided for differently abled persons and senior citizens in the metro system.
The Board also approved the induction of V. Somasundaran, Additional Chief Secretary, Finance, in place of V.P. Joy as Director and notification regarding implementation of Central Metro Acts.
sajeevkumar.v@thehindu.co.in
Source: thehindubusinessline
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