The Kerala Government and the Centre is jointly constructing Kochi Metro at an approved cost of Rs 5,181 cr. The project comprises 25.612 km, out of this around 18-km is likely to be commissioned by June, 2016 and the rest by June, 2017. Kochi Metro Rail Limited (KMRL) is the SPV formed for the implementation of this project. KMRL has roped in Axis Bank as a private sector partner to make necessary investments in hardware and software for sale of tickets besides getting assured annual royalty and a share in the business returns of the partner. Axis Bank has formed a Consortium of service providers and will soon start work on installing Automated Fare Collection(AFC) system.
Axis Bank will install the required complex hardware and software for fare collection from passengers and in addition will pay KMRL Rs. 208 cr over the next 10 years besides undertaking the entire maintenance of AFC for ten years. Axis Bank will issue co-branded cards to the users of Kochi Metro for paying the fares as well as using them for all kinds of merchandise including e-commerce. KMRL will also be paid 0.2% of Axis Bank´s gross revenues from the utlilisation of co-branded pre-paid cards outside Kochi Metro system.
Contacts: Axis Bank Ltd,
Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai - 400025.