After nearly two years in limbo, work on the Bangalore-Mysore Infrastructure Corridor may begin soon. CNBC-TV18's Vineetha Athrey reports that Bharat Forge-backed NICE (Nandi Infrastructure Corridor Enterprises), which was forced to halt work literally months away from completion due to land acquisition problems, has begun hunting for funds again.
Also watch the accompanying videoA fresh round of talks has been initiated with a host of private equity firms, including Goldman Sachs, for the 164-km-long tolled expressway project.
Sources say that the target is to raise USD 500 million in two tranches - one of USD 200 million and another of USD 300 million. Of this, USD 200 million will be used to complete a 38-km expressway and two townships.
The additional USD 300 million will be used to develop a cricket stadium, exhibition centres, shopping complexes and power-and-water utilities. This renewed vigour is all thanks to the Supreme Court's recent directive to various stakeholders of the Bangalore-Mysore Infrastructire Corridor, to complete the project on a fast track.
NICE is now confident that the first phase can be completed in the next three-to-four months and plans to start the second phase immediately after. Sources say NICE is busy working out a suitable valuation for the second phase of the Rs 1.75-lakh crore project and expects to close the deal within the next two months.
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