Monday, May 23, 2022

Table of Contents for Ticker Tape





Ticker Tape - Infrastructure

Gadkari inaugurates & lays foundation stone of 12 National Highway projects in Nashik worth over Rs.1600 crore

National Highway Projects got massive boost in Maharashtra! The Union Minister for Road Transport and Highways, Nitin Gadkari virtually laid foundation stone and inaugurated National Highway projects approximately 206 Km long worth around Rs.1,678 crore in Nashik, Maharashtra. While inaugurating the NH projects, Gadkari announced that a whopping amount of Rs.5,000 crore would be spent on the Mumbai-Nashik highway project. In the next two to two and a half years, the journey from the city of Nashik to the financial capital would be completed in just two hours, the minister said. Following are the 12 projects, inaugurated and laid foundation stones by Gadkari:

  • Four Grade Separated Structures at Kalyan/ Bapgaon, Vasind, Asangaon and Kasara / Washala Junction on NH-3 of 3 Km length, worth Rs.84 crore
  • Flyover at Ghoti-Sinnar Junction on NH-3’s Vadape-Gonde section of 1.6 Km length, worth Rs.44 crore
  • VUP at Purmepada on Dhule-Pimplegaon section of NH-3 of 1.2 Km length, worth Rs.27 crore
  • VUP at Khadavali Junction on Vadape-Gonde section of NH-3 of 0.70 Km length, worth Rs.24 crore
  • Upgradation of Nandgaon-Manmad section of NH-753J of 21 Km length, worth Rs.211 crore
  • VUP @ Ch. 185/500 on Sinnar-Nashik Road NH-60 of 0.8 Km length, worth Rs.25 crore

Following NH Projects Dedicated to the Nation:

  • Elevated Corridor from K K W. Engg College to Hotel Jatra as well as four Flyovers at Pimpalgaon (B), Kokangaon and Ojhar on NH-3 of 8 Km length, worth Rs.448 crore
  • VUP at Vilholi, Ozar, Major Bridge on Godavari and Road Safety Works in Nashik City on NH-3 of 4.5 Km length, worth Rs.57 crore
  • Upgradation of Saputara-Vani-Pimpalgaon Baswant section of NH-953 of 40 Km length, worth Rs.184 crore
  • Up-gradation of Kusumba Malegaon Section of NH-160 H of 42 Km length, worth Rs.203 crore
  • Upgradation of Chalisgaon-Nandgaon Section of NH-753J of 44 Km length, worth Rs.169 crore
  • Widening & Strengthening of Nashik-Peth to State Border Section of NH-848 of 39 Km length, worth Rs.203 crore

 

 

Infra boost in Karnataka, Tamil Nadu, Telangana, Sikkim, J&K! More National Highway Projects approved

The Modi Government is all set to launch more National Highway Projects across the country in the coming months. The Road Transport and Highways Minister, Nitin Gadkari has announced more NH projects, approved by the government across the states of Karnataka, Tamil Nadu, Telangana, Sikkim and the Union Territory of Jammu & Kashmir. According to the Union Minister, as a part of Delhi – Amritsar – Katra Expressway, the construction work has been approved of a four/six lane access-controlled expressway from the junction with Hiranagar Road near the village Gurha Baildaran to the junction with the Jammu ring road NH-244A near Jakh village section.

Bharatmala Pariyojana (Phase II – Package XV) has been approved in Jammu & Kashmir with a budget of Rs.2,714.95 crore, Gadkari said. Also, under Bharatmala Pariyojana Phase 1, construction work has been approved of four-laning of Neraluru – Thorapalli Agraharam section of NH-844 in the states of Karnataka and Tamil Nadu (Package 1 of Hosur – Dharmapuri section). The project will be completed with a budget of Rs.1320.73 crore.

Moreover, the government has also approved the construction work for four-laning of NH-63 from Hyderabad (ORR Appa Junction) to Mannegudda under NH (O) in the state of Telangana. The NH project will be completed with a budget of Rs.928.41 crore, the minister further said. Also, in the state of Sikkim, construction work of two-lane with paved shoulder Gangtok Bypass Road from Ranipool to Burtuk of NH-10 has been approved with a budget of Rs.385.15 crore under Annual Plan 2021-22, Gadkari added.

The Modi government’s Bharatmala Pariyojana envisages the development of approximately 26,000 kilometres length of Economic Corridors. These corridors along with Golden Quadrilateral as well as North-South and East-West Corridors are likely to carry the majority of the country’s Freight Traffic on roads. Further, nearly 8,000 kilometres of Inter Corridors and about 7,500 kilometres of Feeder Routes have been identified by the government for improving the effectiveness of Economic Corridors, NS-EW and GQ Corridors.

 

 

Delhi Metro to build first integrated structure combining flyover & metro viaduct

For the first time in Delhi Metro’s history, an integrated ‘flyover cum Metro viaduct structure’ and a vehicle underpass is being constructed near Soorghat on the Majlis Park-Maujpur corridor of DMRC’s Phase 4 project. The work will be carried out in north-east Delhi in association with the Public Works Department. According to DMRC, this PWD flyover, as well as vehicle underpass, are part of a proposed elevated road along the river Yamuna parallel to the Ring Road between the Wazirabad Flyover and Ring Road near DND. Under this first-of-a-kind project, integrated portals will be erected on which a road flyover and a Metro viaduct will be established.

While on portal’s one side, the Delhi Metro viaduct will be placed, on the other side, a PWD flyover utilized for vehicular movement will be built. On these portals, the road flyover, as well as the Metro viaduct, will rest and run parallel to each other for a length of approximately 450 metres. A total of 21 portals with an average width of 26 metres as well as height of 10 meters will be erected. Additionally, a vehicle underpass shall be constructed below these portals which will cater for vehicles’ movement, coming from Outer Ring Road. The Metro viaduct’s width will be 10.5 metres, while the road flyover moving adjacent and parallel to it will be a three-lane road with width of approximately 10 metres.

According to DMRC, this proposed flyover by PWD shall run adjacent to the existing flyover which at present, is operational from Wazirabad to ISBT near Soorghat. The Metro Corporation will build the portals and the viaduct over it and the Public Works Department will erect the superstructure for flyover on the already constructed portals in the future. The corporation, in addition to this, will construct the underpass for traffic movement from Outer Ring Road towards Signature bridge. This underpass will merge with the road on Najafgarh drain’s other side. The construction of the portals are being done to cater for the load of the Metro viaduct and a three-lane road flyover. The work is expected to be completed by 2023-end. However, given the uncertainty caused by the COVID-19 pandemic, the target of completion may be reviewed in the future.

 

 

Ashoka Khairatunda Barwa Adda Road Ltd commissions road project

Ashoka Buildcon Limited has announced the declaration of October 09, 2021 as the Commercial Operation Date (CoD) for its Hybrid Annuity Mode (HAM) Project of National Highways Authority of India (‘NHAI’) vide letter issued by Independent Engineer on October 11, 2021 for the Project viz. Six Laning of Khairatunda to Barwa Adda Section of NH-2 from km. 360.300 to km. 400.132 in the State of Jharkhand under NHDP Phase-V on Hybrid Annuity Mode (‘Project’).

The Project is executed by Ashoka Khairatunda Barwa Adda Road Limited, (SPV) a Wholly Owned Subsidiary of Ashoka Concessions Limited, a Subsidiary of the Company.

Consequent to the declaration of CoD, the SPV is eligible for receipt of Annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of CoD.

The Company also announces that the said SPV has received a Provisional Certificate for completion of 36.40 KMs out of total Project highway Length of 40.33 KMs.

 

 

‘Welcome back, Air India!’: Ratan Tata

N Chandrasekaran, Chairman, Tata Sons, said it was a historic moment, an emotional Ratan Tata, Chairman Emeritus of Tata Sons, recently said, JRD Tata would have been overjoyed if he was alive today with Air India coming back to the Tata group fold.

“Air India, under the leadership of JRD Tata had, at one time, gained the reputation of being one of the most prestigious airlines in the world. Tatas will have the opportunity of regaining the image and reputation it enjoyed in earlier years. JRD Tata would have been overjoyed if he was in our midst today,” Tata said. Tata acknowledged that though it will take considerable effort to rebuild Air India, it will hopefully provide a strong market opportunity to the Tata group’s presence in the aviation industry. “Welcome back, Air India!” Tata said.

N Chandrasekaran, Chairman, Tata Sons, said it was a historic moment. “At the Tata group, we are delighted to be declared as the winner of the bid for Air India. This is a historic moment, and it will be a rare privilege for our Group to own and operate the country’s flag bearer airline. It will be our endeavour to build a world-class airline which makes every Indian proud. On this occasion, I would like to pay tribute to JRD Tata, pioneer of Indian aviation, whose memory we cherish,” Chandrasekaran said.

 

 

ATR Infrastructure Pvt Ltd hands over Pune Nashik BOT project to MORTH

ATR Infrastructure Private Limited - Wholly Owned Subsidiary of IRB Infrastructure Developers Limited, has successfully completed concession period of Pune Nashik BOT Project on 8th October, 2021 and handed over the Project to the Ministry of Road Transport & Highways (MORTH). This Project SPV has contributed less than 1% of Consolidated total income of the Company as on September 30, 2021.

 

 

Ficci projects 9.1 pc GDP growth for FY22

India’s GDP is expected to grow at 9.1 per cent in 2021-22 as economic recovery, post the second wave of the pandemic, seems to be holding ground.

Ficci’s Economic Outlook Survey also noted that the ongoing festive season would support this momentum. However, the industry body cautioned that a likely surge in people’s movement during Diwali can lead to a rise in the number of COVID cases again.

The latest round of Ficci’s Economic Outlook Survey has put forth an annual median GDP growth forecast for 2021-22 at 9.1 per cent. This marks a marginal improvement from the growth projection of 9 per cent recorded in the previous survey round (July 2021).

Pick-up in monsoon rains in the latter part of the season and subsequent increase in kharif acreage is likely to keep growth expectations of the agriculture sector upbeat, it said.

The survey was conducted in September 2021 and drew responses from leading economists representing the industry, banking and financial services sector.

“The second quarter GDP data and the upcoming festive season should give a clearer idea of where we are headed on the recovery path and how the demand situation is panning out,” it said. With regard to heading back to the process of normalization, it was largely felt that the Reserve Bank may indicate a change of stance from accommodative to neutral in the February 2022 policy meeting, the survey said.

“However, a hike in the repo rate only looks imminent in the next fiscal year (April 2022). Also, the path towards positive real interest rates is expected to be a staggered one. Much would be contingent on the build-up in domestic price levels and the extent of tapering by the Federal Reserve,” it said.

 

 

KPI Global Infrastructure Ltd signs PPA with GHCL Ltd for sale of 1.25 MW solar power

KPI Global Infrastructure Limited has signed new long term Power Purchase Agreement (PPA) with GHCL Limited, Bhilad for sale of 1.25 MW solar power for a period of 20 years under Independent Power Producer (IPP) business vertical.

 

 

Indian Railways’ 1st Vertical Lift Sea Bridge at Rameswaram: New Pamban Bridge to be ready soon

The upcoming New Pamban Bridge in the state of Tamil Nadu is nothing but an engineering marvel! This dual-track state-of-the-art bridge is all set to become the nation’s first Vertical Lift Railway Sea Bridge. The project is likely to be completed by the month of March next year. The new bridge, which would be 2.07 kilometres long, will be a boon for devotees and pilgrims who wish to embark on a spiritual tour to Rameswaram and Dhanushkodi, Tamil Nadu. The Old Pamban Bridge is said to have played a crucial role in connecting Pamban Island with mainland India. In the coming months, the Old Pamban Bridge would be replaced by the New Pamban Bridge, for which an estimated amount of Rs.280 crore is being invested. The New Pamban Bridge, being developed by Railway Vikas Nigam Limited, will be India’s first ever Vertical Lift Rail Sea Bridge. It is being constructed parallel to the old railway bridge. This 2.07 km long new bridge is being built with the help of modern technologies. Earlier, the Railway Ministry had said that the beauty of the new bridge is that its middle portion gets lifted up to allow ships to pass through during their journey. The upcoming New Pamban Bridge in Tamil Nadu is expected to give a boost to tourism in this region, especially for pilgrimage purposes as every year, a large number of devotees come to visit Rameshwaram Temple and Jyotirling.

Upon construction, Indian Railways’ New Pamban Bridge, will be more than 2 kilometres long with 100 spans of 18.3 metres as well as one navigational span of 63 metres, that will move towards upside vertically, enabling the movement of ships or steamers. In the old bridge, the Scherzer span is manually operated to enable the movement of ships. While the upcoming one will be equipped with an electro-mechanical controlled system. This will be interlocked with the train control systems, providing seamless system connectivity.

JV of JMC Projects India Ltd terminate concession agreement with NHAI

Kurukshetra Expressway Private Limited (KEPL), a Joint Venture Company in which JMC Projects (India) Limited holds 49.57% equity stake. KEPL had entered into a Concession Agreement on 13.07.2010 with National Highways Authority of India (NHAI) for Four Laning of Rohtak-Bawal Section of NH-71 in the State of Haryana on Design, Build, Finance, Operate and Transfer (DBFOT) basis.

KEPL vide its letter dated October 07, 2021 has submitted Notice of Termination of Concession Agreement to NHAI due to forcible suspension of toll collection / user fee on account of the farmer’s agitation / protest with effect from December 25, 2020. The event of forceful suspension of toll collection / user fee due to farmer’s agitation / protest amounts to Force Majeure Event of Concession Agreement. The Company will have to provide for an appropriate amount towards impairment in investment which will be worked out in terms of the provision of the Concession Agreement. The amount of impairment is being evaluated and will be announced along with Q2 results.

 

 

Rail Vikas Nigam Limited enters into MoU with Braithwaite and Co. Ltd.

Rail Vikas Nigam Limited (RVNL) has entered into an MoU with Braithwaite & Co. Limited (BCL). RVNL / BCL consortium will explore the 400 KV/220 KV GIS, AIS substation works, 400 KV/220 KV/132 KV transmission line, HV/EHV underground cables, Railway 25 KV OHE work and Railway traction substation works, Metro station E&M work and tunnel ventilation work, Electrical substations 132KV/66KV/33KV, modification, shifting & relocation of existing EHV transmission line all MEP projects, Smart city Works, Signalling and Telecom work, IT/Non-IT infrastructure works, integrated traffic management service, projects in Govt. l Semi Govt l State Govt l PSUs etc, utilizing the credentials of each other and execute the same utilizing the expertise of each other. The aim of this consortium will be to generate at least Rs.1000 Cr. business per year under this umbrella.

 

 

Bengaluru Airport City to develop retail-dining-entertainment space in Airport City

Bengaluru Airport City (BACL), a wholly-owned subsidiary of Bangalore International Airport Limited (BIAL) plans to develop a 23-acre land totalling to 1.1 million square feet, retail-dining-entertainment (RDE) village project as part of the Airport City.

BACL has appointed DP Architects Singapore & Portland Design UK as architectural consultants to design the high-end shopping and lifestyle destination at the airport city. The state-of-the-art project would be located adjacent to the concert arena and the convention and exhibition centre to drive footfalls and will bring global experiences like Times Square New York, Las Vegas, Marina Bay Sands Singapore to Bengaluru.

The RDE Village will be a transformative shopping, dining, and entertainment experience for the communities it will serve in Bengaluru and beyond, enabling visitors to explore and enjoy multi-itineraries in varying sensory landscapes. The work will help create the stories and experiences that will attract, invite, circulate, display, persuade and reassure customers as they spend time and money benefiting from all that will be on offer. BACL is developing an Airport City, a futuristic city which will embrace innovation and would be a launch pad for ‘Global Urban Solutions’. This multi-asset destination aims to create a mix of asset classes that includes business parks, technology hubs, health district, hospitality, central park and a multipurpose concert arena amongst other facilities. The RDE Village is built on the vision of creating a new destination with a deep connection to the community, culture and environment, focusing on human-centric design. This is reflected in our overall design sensibility which is innovation driven, incorporating sustainable features. We are confident that the RDE Village will continue to further add impetus in making Bengaluru as one of the most vibrant cities in India. BLR Airport has witnessed a phenomenal growth during the past several years, becoming one of the fastest growing airports in the world. BLR Airport concluded the calendar year 2019, with 33.65 million passengers.

 

 

IRCON International Ltd JV emerges lower bidder for Rs.3429 crore tender

Ircon International Limited (IRCON) with its JV partner has emerged as the lowest bidder valuing Rs.3429 Crore in the tender floated by National High Speed Rail Corporation Limited (NHSRCL) for the design and construction of 18.133 km of viaduct involving Ahmedabad Station and Sabarmati Station and associated works for the project for construction of Mumbai-Ahmedabad High Speed Rail. The completion period of the project is approx. 4.5 years.

 

 

Indian Railways’ doubling of Rajkot-Kanalus & Nimach-Ratlam rail lines approved

PM Modi chaired Cabinet Committee on Economic Affairs has approved the doubling of Rajkot-Kanalus and Nimach-Ratlam railway lines. According to the Railway Ministry, the total estimated cost of Rajkot-Kanalus railway line doubling project will be Rs.1,080.58 crore and its escalated / completion cost is Rs.1,168.13 crore. The total length of the Rajkot-Kanalus line is 111.20 kilometres. The railway project is scheduled for completion in four years’ period. The existing goods traffic handled on the section primarily comprises POL, Cement, Coal, Food grains and Fertilizer. Besides, future substantial freight traffic is projected by big industries such as ESSAR oil, Reliance Petroleum and Tata Chemical.

Presently, the single line BG Rajkot-Kanalus section has become over saturated. The ministry said there is a need for additional parallel Broad Gauge line to ease out operational working. As many as 30 pairs of passenger or mail express trains are plying on the section and existing line capacity utilization with maintenance block is up to 157.5 per cent. Detention to both Freight and Passenger traffic will be significantly reduced after doubling. Once the doubling of the Rajkot-Kanalus section is over, it will increase the capacity, thus, more traffic can be introduced on the system. From Rajkot to Kanalus, the proposed doubling would lead to all round development of Saurashtra region.

The estimated cost of the doubling of Nimach-Ratlam railway line is estimated to be Rs.1,095.88 crore and its escalated / completion cost is Rs.1,184.67 crore. The total length of doubling of Nimach-Ratlam line is 132.92 kilometres. The Nimach-Ratlam rail line doubling project will be completed in four years. According to the ministry, doubling of this line will increase the capacity of the section. Thus, more freight and passenger train services can be introduced on the system. An additional freight traffic of 5.67 million ton per annum is expected from the first year, due to proximity of cement industries, which will increase to 9.45 million ton per annum in the eleventh year. This doubling section will provide easy connectivity and good result in socio-economic development of the region. The doubling project will also give a boost to the area’s tourism as many historical sites including Fort of Unchagarh are located in this project area.

 

 

Indian Railways’ game-changing Udhampur-Srinagar-Baramulla rail link project in J&K to be completed by 2023

INDIAN RAILWAY’S, Udhampur – Srinagar – Baramulla rail line project is all set to be a game-changer for Jammu and Kashmir! So far, 80 per cent of the work on the ambitious Udhampur-Srinagar-Baramulla rail link has been completed while the rest of the work will be completed by the year 2023, Union Minister Darshana Jardosh said recently on her visit to Kashmir as part of the central government’s public outreach programme. The Udhampur – Srinagar – Baramulla rail link project is the most ambitious railway project in the country post-Independence and the national transporter is working at full capacity to meet all deadlines, Jardosh was quoted saying in a PTI report.

According to the minister, other than providing relief to the people, the rail line, from the security point of view, is of strategic importance especially in a place like Kashmir. Jardosh said that Kashmir is a challenging terrain because of its topography but Indian Railways is fully equipped to meet all challenges with the latest technology as well as a dedicated workforce. As the route is mountainous, the Udhampur – Srinagar – Baramulla rail link project is challenging. Several bridges as well as tunnels had to be made to complete the project, she said. The minister examined the work progress at the ground and said the work has been going at a faster pace.

The minister further said, jobs have been provided to those who have suffered a land loss of 75 per cent and above and till now, most of the compensation cases have been completed already. Also, the minister appealed to the public to keep the surrounding areas clean, saying there was too much plastic waste. According to Jardosh, Indian Railways is committed to undertake development in every corner of the nation and Kashmir ranks high on the central government’s agenda. The national transporter has a crucial role to play when we talk of ‘Atma Nirbhar Bharat’, she added.

Rail Vikas Nigam Ltd enters into MoU with Tata Steel Ltd

Rail Vikas Nigam Limited (RVNL) has entered into an MoU on 04.10.2021 with Tata Steel Limited in connection with implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to bankability of the SPV project, execution of definitive agreement and management approval.

 

 

Alstom India offers world’s fastest train for India’s private rail ops

Alstom India had held discussions with Indian Railway Catering and Tourism Corporation (IRCTC), and Megha Engineering, the only two contenders for private train operations in bids called by the Railway Ministry. According to Alain Spohr, Managing Director at Alstom India talks were also held with one more player that did not put in a bid.

The proposed train is based on the TGV, a high-speed train that operates all over France. TGV stands for Train à Grande Vitesse (simply translated to high speed train in English). A certain type of TGV, called V150, holds the world record for the highest speed on any national rail system. The current world speed record for a commercial train on steel wheels held by the French TGV is 574.8 kilometres per hour. This record has been in place since April 2007.

“We have developed a local solution corresponding to the speed segment in India...We have also started to talk to the Indian Railways if they would be interested in adding this to their fleet of long distance trains (above 1000 kilometres) High Speed Trains,” Spohr said.

“They have said they would want some more information about the train and we are going to enter a discussion with them,” he added. Commenting on whether discussions have happened with any private players about these trains, Spohr said, “During the first round of bids, there were three parties which were interested. We had given our offer to Megha Engineering, IRCTC, and one more player that did not put in bids.”

Responding to a query on the kind of support, he said, “We were offering only the rolling stock.”

Commenting on the revenue outlook from India operations, Spohr said, “We are aiming to achieve a revenue of €1 billion by next year (2022-23), up from about €650-700 million revenue that will be achieved in the current financial year.” Spohr also said that Alstom India will bid for seven major projects worth over €1 billion by next month-end. In a statement, Alstom India said it has an order backlog of €4.1 billion as on March 2021-end.

Alstom also released an India Impact Report in partnership with Ernst & Young. According to the report, Alstom India buys €331 million worth of goods and services, among which 75 per cent is made with Indian suppliers. The company has invested close to €142 million in the last five years and conducted 21 technology transfers across Alstom locations to its suppliers.

 

 

AIIB grants $356.67 mn loan for Chennai Metro; bank’s total India funding rises to $6.7 bn

The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved a $356.67 million loan for the expansion of the Chennai metro rail system, taking the bank’s financing for various projects in India to $6.7 billion, making the country its largest beneficiary.

Launched in 2016, the AIIB is a multilateral development bank that aims to support building of infrastructure in the Asia-Pacific region. China is the largest shareholder of the bank with 26.06 per cent voting rights. India is the second-largest shareholder with 7.5 per cent followed by Russia at 5.93 per cent and Germany at 4.5 per cent.

The Chennai project involves the construction of a new corridor in Chennai’s metro network as part of its Metro Rail Phase 2.

With this loan, the bank has so far approved 28 projects in India amounting a total of $6.7 billion, said Pandian, who oversees all sovereign and non-sovereign lending for the AIIB in South Asia, the Pacific Islands and South-East Asia.

The energy and transport sectors have received the highest amount of financing from the AIIB, he said.

After China, India is the second-largest shareholder of the bank and is also its largest beneficiary in terms of getting approvals for many projects, he said.

Besides funding various infra projects, the bank also granted USD 1.75 billion to India for COVID-19 relief budget support, which included help for social protection and assistance to Micro, Small and Medium Enterprises (MSMEs), Pandian said.

The other AIIB major Infra projects for India included $335 million for Bangalore metro, $400 million for Andhra Pradesh Urban Water project, $105 million for Kerala Solid Waste Management, $125 million for Resilient Kerala, $500 million for Mumbai Urban Transport Project-3 and $500 million for Delhi Meerut Rapid Transport system, he said.

The Chennai Metro project is aligned with AIIB’s mandate to support high-quality and sustainable infrastructure. The improvement and integration of the transport sector in Chennai will further promote trade and economic growth.

Pandian recently visited Chennai and reviewed the progress of the metro project. He also called on Tamil Nadu Chief Minister M K Stalin and the state’s Finance Minister Palanivel Thiagarajan.

The metro project will span from Lighthouse in the east to Poonamallee Bypass in the west to ensure seamless multimodal transport across Chennai by providing integrated access to suburban rail, bus stations and the city’s main airport, he said.

The project will address traffic bottlenecks and reduce greenhouse gas emissions by increasing public urban transport options. Its design and construction will have environmentally friendly features to help reduce its carbon footprint, Pandian said.

In addition to solar panels installed on the roofs of the elevated stations, the project will have dedicated spaces for bicycles and green vehicles, and signage to raise environmental awareness.

The project also integrates climate change resilience features to reduce its vulnerability to climate-related events, Pandian said.

Women would be benefited from the project as they will have access to a safer and convenient mode of public transportation with knock-on effects such as increased opportunities to participate in school, work and social activities, he said.

The project will provide enhanced accessibility and connectivity as well as increased economic opportunities for the residential and commercial establishments along the new corridor, Pandian said. The AIIB has 103 approved members worldwide.




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