BMRCL seeks funding to proceed with the metro work due to COVID- 19 crisis

Photo Courtesy : The Hindu

Bangalore Metro Rail Corporation Limited (BMRCL) is looking out to have an increase on borrowing restraint and making attempts to raise more funding to resume the metro work by mortgaging some properties. The board of directors of BMRCL have sent a motion for elevating the borrowing amount from ₹ 22,000 crore to ₹ 28,000 crore as a move to be self-reliant amid the financial crisis emerging due to lockdown. 

This ₹ 6,250 crore will be utilized for Phase 1, 2, 2A, and 2B and a sum of ₹ 1,300 crore will be issued by mortgaging the assets. As the metro services were halted, the monthly losses have been around ₹ 22 crore since May. Moreover, the revenue will be very less on restarting the services due to the deduced passengers limit.