KOCHI: Giving an impetus to the second phase of Vyttila Mobility Hub, the state government has given its approval to constitute a consortium of banks for mobilisation of funds for the project. The government is expected to issue the order within a couple of days. The Vyttila Mobility Hub Society will take measures to float the consortium as soon as the state government issues the order in this regard. “We organised a presentation on the second phase of the project before the state cabinet a few days ago. After viewing the presentation, the government agreed to the proposal for constituting the consortium,” said M Beena, Managing Director, Vyttila Mobility Hub Society.Though the LDF government, in the last cabinet meeting, had given in-principle approval for the proposal, the government order was not issued. Earlier, discussions were held with officials of 14 banks for constituting the consortium. According to the plan, Union Bank, the lead bank in the district, will lead the consortium. The plan is to raise Rs 114.12 crore as bridge loan and Rs 150.56 crore as term loan from the banks at 9 percent interest and with a moratorium of two years. The total cost for the project is Rs 376 crore. The authorities will make parallel moves for securing funds from Jawaharlal Nehru National Urban Renewal Mission (JNNURM). If the efforts to include the project in JNNURM succeeds, 50 percent of the fund can be generated through the scheme. Though the first of the project was inaugurated, the functioning of the terminal is yet to go full swing. The authorities said shifting of four bus stops in Vyttila is a must for the full-fledged functioning of the hub. “We have requested the Regional Transport Authority (RTA) to shift these bus stops into mobility hub. The issue will be taken up during the RTA meeting scheduled on July 2,” Beena said.
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