State-owned REC Ltd will provide finance of Rs 3,045 crore to Bangalore Metro Rail Corporation to develop Phase-II project in Bengaluru. REC approved a proposal in this regard at a board meeting held on Saturday, a company statement said.
Phase-II project comprises extension of two corridors of Phase-I and establishing 2 new lines from RV Road to Bommasandra and Kalena Agrahara to Nagawara.
The project will enhance connectivity and ease traffic in the city.
With completion of Phase-II (72.09 km), the combined network of Bangalore Metro will be 114.39 km, with 101 stations.
REC is an NBFC focusing on power sector financing and development across India.