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Scomi inks pact with India’s IERS for rail project
by hlk Tue 05 Jul 2011, 08:16
NEW DELHI:India’s reputed rail-infrastructure funding firm, ITNL Enso Rail System Ltd (IERS), has signed a pact with Scomi-Geodesic to fund the proposed Bangalore monorail project.
Scomi Group, along with its consortium partner Geodesic, has submitted a proposal under the Swiss Challenge procurement process, to the Karnataka state government to build the 60km line. The first phase of the 16 km stretch is estimated at RM1.5 billion.
“We did a preliminary due diligence on the project and decided to take a 74 per cent equity in the project,” Sanjiv Rai, managing director and CEO of IERS, said Under the memorandum of agreement signed last week, IERS would finance 74 per cent of the 16km project, with the balance to be funded by Scomi and Geodesic.
IERS, a unit of IL&FS Transportation Network Ltd , is involved in funding and business development.
The Bangalore project is undertaken on a public private partnership model and the state government has cleared the detailed project report submitted by Scomi-Geodesic. — Bernama
Scomi Group, along with its consortium partner Geodesic, has submitted a proposal under the Swiss Challenge procurement process, to the Karnataka state government to build the 60km line. The first phase of the 16 km stretch is estimated at RM1.5 billion.
“We did a preliminary due diligence on the project and decided to take a 74 per cent equity in the project,” Sanjiv Rai, managing director and CEO of IERS, said Under the memorandum of agreement signed last week, IERS would finance 74 per cent of the 16km project, with the balance to be funded by Scomi and Geodesic.
IERS, a unit of IL&FS Transportation Network Ltd , is involved in funding and business development.
The Bangalore project is undertaken on a public private partnership model and the state government has cleared the detailed project report submitted by Scomi-Geodesic. — Bernama
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