Biocon Foundation signs MOU to construct Hebbagodi metro station in Bengaluru1 min read . Updated: 08 Oct 2020, 05:28 PM IST
- The Hebbagodi station is part of the new 18.82 km metro line from RV Road to Bommasandra (Reach 5) being constructed under Phase II of the Bangalore Metro Rail Project at a cost of ₹5,744 crore
BENGALURU: Biocon Foundation, the CSR (corporate social responsibility) arm of Bengaluru-headquartered Biocon Limited, on Thursday signed an agreement with the Karnataka government to help construct the proposed Hebbagodi Metro Station on Hosur Road.
The foundation has committed to contribute ₹65 crore to Bangalore Metro Rail Corporation Limited (BMRCL), for the station which will be named Biocon Hebbagodi Metro Station.
Kiran Mazumdar Shaw, founder and managing trustee of the foundation said that this move will help fulfil the company's responsibility towards the environment and provide an alternate means of mobility.
"This project will help in easing traffic congestion by enabling greater use of public transportation," Shaw said in a statement on Thursday.
Authorities in Bengaluru have pinned their hopes on the long-delayed metro project to help ease the traffic congestion in India's technology capital.
The move to raise capital through CSR also helps reduce the requirement to raise debt for the project that has consumed the biggest chunk of funds even though it is estimated to cater to barely 20% of the city's over 10 million population after completion of Phase-II.
"BMRCL is committed to and is working actively to add 128 km of new metro network in the coming five years," said Ajay Seth, managing director, BMRCL.
The Hebbagodi station is part of the new 18.82 km metro line from RV Road to Bommasandra (Reach 5) being constructed under Phase II of the Bangalore Metro Rail Project at a cost of ₹5,744 crore, BMRCL said.