For Bengaluru’s Rs 27,000-crore Peripheral Ring Road, Karnataka seeks funds from PSUs

L K Atheeq, Additional Chief Secretary (Finance), told The Indian Express that the Government has approached the Housing and Urban Development Corporation, Rural Energy Corporation, and the Power Finance Corporation for loans to fund the project. “Whoever offers better interest rates, we will go with them,” he said.

Atheeq—who heads Bengaluru Business Corridor Ltd, a special purpose vehicle formed for the project’s implementation—held a meeting on the issue on Monday. In a post on X on Tuesday, he wrote that the Government expects to float tenders for the eight-lane road, a service line, and a metro rail track within the next six months.

“We have kick-started the finalisation of awards to pay the landowners for the 2,400 acres required for the 73-km PRR,” he said, adding that the special purpose vehicle discussed design and interchanges with Bengaluru Metro, the National Highway Authority of India, and other agencies.

Proposed in 2006, the project has faced multiple delays due to disputes over compensation for the acquired land. A tender floated in July 2022 found no bidders for it.