The metro project in the Garden City, proposed in 1982, will be implemented for a 33-km route by Bangalore Metro Rail Corporation Ltd, which will be made a joint venture between the Centre and Karnataka government by enhancing authorised capital, sources said.
Currently, Bangalore Metro Rail Corporation is owned by the Karnataka government.
The state government will hold 30 per cent stake (15 per cent each of equity and subrodinate debt) in BMRCL, Centre will hold 25 per cent (15 per cent equity and 10 per cent sub ordinate debt). The remaining 45 per cent stake will be raised as senior term debt.
The Cabinet had given its nod for
the project in April. It is expected to be completed by 2011. As a part of approval by the Union urban develpoment ministry, the BMRCL board will be reconstituted with 10 directors, each promoter appointing five directors.
Sources said secretary, Union urban development ministry, will be the chairman of the board, while the state will appoint the managing director with consent from the Centre.
Keeping in mind the experiences of political wranglings and land acquisition problems that had plagued the project in its concept stage, the Centre has proposed setting up of three committees to tackle management of issues, the sources added.
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