Kochi Metro | KMRL looks to boost revenue from property and advertising business
Kochi: In what can be seen as a thumbs up from the city’s residents, daily ridership on the Kochi Metro has doubled to 30,000 since the Kochi Metro Rail Ltd (KMRL) threw open in early October a 5-km stretch that extends the network to the heart of the city. Of the 25.6-km Phase 1 project, the first 13-km stretch was made operational in June this year . To be sure, the Kochi Metro, which boasts a number of firsts, and was built at a cost of just over Rs 5,000 crore, is still finding its feet. It does not expect to achieve its target of 300,000 daily commuters for at least five-six years, until its Phase II (11.2-km) becomes operational and a host of initiatives are implemented. Until such time, however, the KMRL is banking on innovative channels to boost revenue. First, on a recommendation from Ernst & Young, KMRL decided against spending on the automatic fare collection system, instead inviting bids from banks in exchange for the right to issue a co-branded card to commuters....