Bengaluru:The Bruhat Bengaluru Mahanagara Palike (BBMP) has extended the deadline for submitting an Expression of Interest (EOI) from banks and financing institutions to fund its ambitious tunnel corridor project to be built in Bengaluru till January 15.
This is the second extension that is being given to the banks and financing institutions to submit their bids. The first deadline was on January 3 which was extended till January 8. "Since many banks requested for more time to formalise their proposals, we extended the deadline till January 15. We are ensuring ample time for discussions and bids," BBMP Engineer-in-Chief B S Prahlad told ETV Bharat.
Through the second extension, BBMP is hoping for participation for tunnel corridor project from more banks, especially foreign institutions which would help it get finance with competitive interest rates. Till January 4, as many as nine banks including State Bank of India, Indian Bank, Canara Bank, and Punjab National Bank submitted bids, Prahlad said.
The tunnel project, planned to ease congestion on city roads and ensure seamless travel, involves the construction of 18-kilometer twin tube tunnels with three lanes each from Hebbal Flyover Junction to Silk Board in the first phase at a cost of Rs 12,690 crore. The BBMP called for EOI for raising Rs 8,000 crore loans from banks to cover the land acquisition cost. The Karnataka government will stand as guarantor for the loan. There is also a proposal to mortgage some of BBMP's properties, a source said.
The tunnel between Hebbal Flyover and Silk Board Junction will have an underground vehicular tunnel with five exits and entries at intermediate locations. The BBMP claimed the travel time would be reduced from the current 70-120 minutes to just 20-25 minutes once the tunnel becomes operational.
The second phase of the project involves constructing a 28 km tunnel road from K R Puram to Nayandahalli at a cost of Rs 25,000 crore. The process of tendering for the second phase is expected after the work on the first state takes off.
