New Delhi:
Kochi Metro Rail Limited (KMRL) has broken new ground to gain substantially from the Automated Fare Collection(AFC) system by roping in a private 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 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 10 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 0.2pc of Axis Bank’s gross revenues from the utlilisation of co-branded pre-paid cards outside Kochi Metro system.
An Agreement in this regard was today signed between KMRL and Axis Bank in the presence of Minister of Urban Development M.Venkaiah Naidu. CMD of KMRL Elias George and MD and CEO of Axis Bank Shikha Sharma signed the Agreement.
Kochi Metro Rail Limited (KMRL) has broken new ground to gain substantially from the Automated Fare Collection(AFC) system by roping in a private 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 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 10 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 0.2pc of Axis Bank’s gross revenues from the utlilisation of co-branded pre-paid cards outside Kochi Metro system.
An Agreement in this regard was today signed between KMRL and Axis Bank in the presence of Minister of Urban Development M.Venkaiah Naidu. CMD of KMRL Elias George and MD and CEO of Axis Bank Shikha Sharma signed the Agreement.
No comments:
Post a Comment