"We are serious about it (the project)" and once the cabinet clearance is given, "everything will be set in motion", he said, adding Bangalore's would be the second metro project in the country after Delhi.
He said the public investment board had met on the Bangalore metro project and the union ministry for urban development had submitted certain clarifications to PIB.
A note prepared for PIB would also be sent in two days and after obtaining the Board clearance, the matter would be placed before the Union Cabinet, Azad said but declined to specify the timeframe for cabinet clearance.
He said the project would have equity participation from the Centre and Karnataka government with Japanese assistance to the extent of 50 per cent of the cost but added that unlike the Delhi metro, the Railways would not be involved in it.
Azad said the Japanese assistance would come only after 18 months and till then, the Karnataka government had promised to mobilise Rs 3,000 crore (Rs 30 billion). "The Karnataka government has done the whole exercise neatly", he said.
Azad said the Rs 10,000 crore (Rs 100 billion) Delhi Metro project for 81 kms would be completed by next June ahead of schedule.
