REC Limited, a Public Sector Enterprise under the Union Ministry of Power, on Sunday announced that it has decided to extend financial assistance of Rs 3,045 crore to Bangalore Metro Rail Corporation Limited (BMRCL), for establishing and developing metro lines under Phase-II project of Bangalore Metro. The Ministry of Power, in a release, said that the decision to extend the assistance was taken at the board meeting of REC wherein the Board approved the proposal of BMRCL.
“The Phase-II project of Namma Metro comprises extension of existing two corridors of Phase-I, namely East–West Corridor and North–South Corridor; and 2 new lines, namely one from RV Road to Bommasandra and another from Kalena Agrahara to Nagawara,” it said. These lines will ease the high-traffic areas of the city. With the completion of the Phase-II, the combined network of Namma Metro will be 114.39 km, with 101 stations.
REC Limited is the NBFC focusing on power sector financing and development across the country and the financial assistance to BMRCL is part of its foray into funding infrastructure development. REC Ltd offers financial assistance to the complete power sector value chain; for various types of projects including generation, transmission, distribution and renewable energy.
Earlier last month, REC posted its fiscal fourth quarter results with consolidated net profit for the quarter ended March 2023 at Rs 3,065.37 crore, up 33 per cent on-year in comparison to Rs 2,301.33 crore in the same quarter last year. Its total revenue from operations stood at Rs 10,243.06 crore, up 6.3 per cent as against Rs 9,633.36 crore during the same period previous year. It was up by 4.7 per cent on-quarter from Rs 9,781.76 crore. During the Q4FY23, the total expenses was at Rs 6,353.40 crore, down 6.5 per cent on-year.