KOCHI: An urgent meeting of the board of directors of Kochi Metro Rail Limited will be held in New Delhi on Friday to approve the Axis Bank deal for automatic fare collection card.
The KMRL can go ahead with further steps only after getting the board’s approval. Recently, the Axis Bank had won the national bid for developing and running the automatic fare collection system for Kochi Metro.
In a major deal that will save cost and ensure a future revenue stream, the bank has promised to invest for the system. It will also make a one-time royalty payment of Rs 209 crore to the KMRL.
The deal will help the KMRL save Rs 500-600 crore, the estimated cost for the development and running of the system for all modes of transportation for 10 years.
