Banks in race to fund Metro rail project

VIJAYAWADA: The

Amaravati Metro Rail Corporation

(AMRC) is leaving no stone unturned to ensure its complete readiness to execute the Vijayawada metro rail project by the time the Union government gives its final nod to it.

AMRC

is now focussing on finalising a bank from which it has to borrow the state's share of the project. The loan agreement is likely to be concluded in a month's time.

AMRC has received quotations from four banks Bank of India, Corporation Bank, Allahabad Bank and

Vijaya Bank

for borrowing a loan of close to Rs 2,000 crore. “We have gotten the quotations which are being examined. It is in the final leg and the loan agreement will be done by the end of June,“ AMRC MD

Ramakrishna Reddy

said.

It may be recalled that the state government has given administrative clearance and agreed to be the guarantor for borrowing loan from the bank in lieu of its share.