CHENNAI: State Bank of India will fund Chennai Metro Rail Rs 450 crore for procurement of automatic fare collection gates and 30 train cars.
A release said a letter of award has been issued to State Bank of India on Tuesday. The rupee term loan will be utilised as Rs 150 crore towards phase-2 automatic fare collection gates for Koyambedu to Sipcot covering corridor-5 and 3.
The rest of Rs 300 crore will be used for procurement of 30 train cars for phase-2. “This is the first time Chennai Metro Rail has tied up with domestic commercial banks towards funding requirements for the phase-2 work.” the release said.
