MMRC grants branding rights to 5 Metro 3 stations
Reports say that the non-fare revenue generated from the exercise is pegged at Rs 40 crore annually
The Mumbai Metro Rail Corporation has granted branding rights to five Metro 3 stations in the Colaba-Bandra-Seepz corridor for a five-year period from the time the line gets commissioned, according to news reports.
The station naming rights are valued at Rs 216 crore cumulatively over five years and with a 5% escalation annually. Reports say that the non-fare revenue is pegged at Rs 40 crore annually through the exercise.
The rights entail branding space inside the station, mentions during the train announcements and station maps, apart from prefixing brand names on station names, said the report.
The step would help in generating non-fare revenue that would make the fare amounts more reasonable for the commuter, according to MMRC managing director Ashwini Bhide who was speaking to a news daily.
Kotak Mahindra Bank won the naming rights of Bandra Kurla Complex and CSMT metro stations. ICICI Lombard was granted the branding rights for Siddhivinayak metro station. LIC bagged the same for Churchgate and Hutatma Chowk.
Report says that Auctus Advisors-StudioPOD consortium were the transactional advisors for the process. Bids for the rights for the rest of the station will be invited a little before the revenue operation date.
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