New Delhi, Jun 24 (PTI) State-owned REC Ltd will provide finance of Rs 3,045 crore to Bangalore Metro Rail Corporation to develop Phase-II project in Bengaluru.

REC approved a proposal in this regard at a board meeting held on Saturday, a company statement said.

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Phase-II project comprises extension of two corridors of Phase-I and establishing 2 new lines from RV Road to Bommasandra and Kalena Agrahara to Nagawara.

The project will enhance connectivity and ease traffic in the city.

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With completion of Phase-II (72.09 km), the combined network of Bangalore Metro will be 114.39 km, with 101 stations.

REC is an NBFC focusing on power sector financing and development across India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)