Karnataka government would float a special purpose vehicle soon to take up the much-awaited Rs 5,000 crore (Rs 50 billion) Bangalore Metro Rail project, chief secretary K K Misra said on Thursday.
Misra told reporters on the sidelines of a function that the Planning Commission had already given its approval for the project, which, on completion, is expected to decongest the city and improve transport services to a great extent.
"We are registering an SPV. We are also in the process of appointing OSD (Officer on Special Duty). So, they will start the work," said Misra, who earlier in the day held discussions with E Sridharan, a key man behind the Delhi Metro as well as the Konkan Railway.
"Bangalore Metro is proposed to be established more or less on the lines of Delhi Metro," he said.
Asked if Sridharan was taking up any official position in the Bangalore Metro project, Misra said he had expressed his inability to do so, citing "old age". But he would associate himself with it, he said.
The state Government intends to appoint the Delhi Metro Rail Corporation as the prime consultant for the Bangalore Metro project, he said.
Misra said, "The project is proposed to be taken up on a joint venture basis with the Centre and the state holding 20 per cent equity stake each, while the remaining 60 per cent is planned to be raised by way of debt."
