The proposed Special Purpose Vehicle (SPV) to implement the Rs 22,242 crore suburban projects will be set up soon. The SPV will start works related to the project before another Detailed Project Report is prepared. The K-RIDE (Karnataka Infrastructure Development Enterprise), a joint venture between central and state governments, has been tasked with setting up B-RIDE an SPV for the Bengaluru suburban project.
The Railway Board has sent a letter saying its permission is not required to set up the SPV, while the state government has received permission from both its law and finance departments. It is expecting a letter from the Centre, and when it comes through, B-RIDE can come into being through a formal process at the Registrar of Companies with an initial investment of Rs 2 crore.
It is also expected that five major projects totalling Rs 1,745 crore that have already been sanctioned in January 2018 will be taken up by the SPV. “It is said that the Urban Development Department is set to introduce an amendment so that the Chief Administrative Officer, Constructions of South Western Railway, can take up five projects already sanctioned.”
According to reports related to works for which funds have already been sanctioned are the Rs 424 crore project between Baiyappanahalli and Hosur which comprises doubling, electric traction and automatic signalling, 21.7 km line (Chord Line) between Yeshwanthpur-Lottegahalli-Hebbal-Banaswadi-Baiyappanahalli-Chan Sandra at a cost of Rs 170 crore, automatic signalling between Baiyappanahalli-Yeshwantgpur-Tumakuru, Bengaluru-Mandya and Yeshwathpur and Yelahanka at Rs 205 crore, conversion of 15 DEMU rakes to MEMU ones at Rs 56 crore and procurement of 11 MEMU rakes at a cost of Rs 400 crore.
After a high-level meeting held recently, Additional Chief Secretary, UDD, Mahendra Jain, sent a note on the suburban project to the Chief Secretary which will be sent to Deputy Chief Minister and Bengaluru Development Minister Dr G. Parameshwar for approval.