Bengaluru: The State Cabinet on Thursday agreed for floating tenders for the metro project linking Silk Board and K.R. Puram, under Phase 2 (A). It has also accorded approval for innovative financing initiatives of Bangalore Metro Rail Corporation Limited to raise money.

The Bangalore Metro Rail Corporation Limited (BMRCL) had signed an MoU with Intel India and Embassy Group to raise funds for construction of two metro stations at Kadubeesanahalli and Bellandur.

The Cabinet decision will help the BMRCL to reach an agreement detailing terms and conditions with corporate entities based on the MoU. The two corporate bodies have agreed to contribute Rs. 100 crore each to BMRCL payable in installments, and they will get naming rights for a period of 30 years.

In other words, the corproate’s name will be prefixed to that of the station, like Embassy Kadubeesanahalli metro station. As per the terms of understanding, the companies will be offered 3,000 sqft space at the station for 30 years for retail purposes; advertisement space of 1,000 sq ft for the same period; and direct access from the concourse/ platform to the campus/ premises for 99 years.