The consortium, led by Canara Bank, will give RMGSL a loan of Rs. 1,500 crore, while the company will invest R643 crore as equity for the R2,143-crore project. Work on Phase-2 will start shortly to connect Sikandarpur with Sector 55-56, a seven-kilometre route with six stations.
On completion of Phase 1 and 2, the Rapid Metro network will be a 12-kilometre long system with 12 stations.
“We are finalising the contract and work on the second phase will probably begin in May,” said Sanjeev Rai, managing director and chief executive officer, IL&FS Rail Ltd, promoter of the project.
RMGSL signed the concession agreement with the Haryana Urban Development Authority in January this year and the project is being implemented on public-private-partnership basis.