KMRL has approved a proposal to avail a long term loan from Canara Bank upto Rs 1170 crore as a part of external funding. It was decided at the 15th meeting of the Board of Directors of Kochi Metro Rail Limited which was held in Delhi, today (4th November, 2013). The meeting presided over by Chairman, KMRL Dr. Sudhir Krishna. The Board also reviewed the present status and progress of the project in terms of civil work, tendering and other aspects. Canara Bank loan is for a term of 20 years with a moratorium of 7 years. The rate of interest will be 10.80% floating. This is the first time a nantionalised Bank is funding a Metro Project for such a long tenure and amount with interest rate as low as 10.80% and also on sole banking basis.
A tripartite agreement was also signed between Government of India, Government of Kerala and KMRL during the board meeting. Dr. Sudhir Krishna, Secretary, Ministry of Urban Development, Shri. Bharat Bhushan, Chief Secretary, Government of Kerala, and Shri. Elias George, MD, KMRL signed the agreement on behalf of the respective stake holders. This agreement defines the role and responsibilities of these institutions in the project.
ASSIGNED CONSULTANCIES FOR R&R AND ENVIRONMENTAL IMPACT STUDY.
The Board took note of the appointment of Consultants for Social Impact Assessment and R&R Study and also for the Environmental Impact study. Aarvee Associates from Hyderabad will do design a comprehensive rehabilitation and resettlement policy and a compensation package for whose livelihoods are affected by the project and SENES Consultants Private Limited, Noida will prepare the Environment Impact assessment for the project.
The Board of Directors took note of the action taken regarding facilities to be provided for differently abled persons and senior citizens in the metro system.
CHANGE ON THE BOARD
The 15th board meeting of KMRL also decided to constitute Multi-Disciplinary committees for monitoring the Consultants’ deliverables. The Board approved the induction of Shri. V. Somasundaran, Additional Chief Secretary, Finance in place of Shri. V.P. Joy, as Director and notification regarding Implementation of Central Metro Acts.
Beside Chairman, Chief Secretary of Kerala Shri. C K Bharat Bhushan , KMRL MD, Shri. Elias George , Shri. C K Khaitan (Joint Secretary MoUD), Shri. D D Pahuja (Director Signalling & Rolling Stock BMRCL), Shri. S D Sharma (Director Business Development DMRC), Shri. Sudhir Mittal (Member Railway Board), Shri. Mahesh Kumar (Director- Projects KMRL), Shri. Abraham Oommen (Director – Finance KMRL), Shri. Ved Mani Thivari (Director Systems KMRL), Shri. B Anil Kumar (Company Secretary) also attended the meeting