The Mumbai Metro Rail Corporation (MMRC) Wednesday awarded the naming rights of five stations of the Metro-3 corridor to a few brands for a period of five years starting from the commissioning of the line.
The corporation in a statement said, “The total value of station naming rights is Rs 216 crore cumulatively over 5 years with 5% annual escalation – generating non-fare revenue to the tune of Rs 40 crore annually.”
“MMRC is happy to associate with reputed brands like Kotak Mahindra Bank, LIC and ICICI Lombard for station naming rights for Line 3. This is the first step towards generating non-fare box revenue that would ease funding and keep the fares reasonable for the commuters,” said MMRC managing director Ashwini Bhide.
She added, “The average value realised, Rs 8 crore ($1.1 mn) per station annually, is the highest in India and among the highest in the world, beating metro lines in Dubai, Madrid, Jakarta, Kuala Lumpur which averaged up to $1 mn per station annually.”
While Kotak Mahindra Bank was awarded the naming rights of the Bandra Kurla Complex (BKC) and CSMT Metro Stations, Siddhivinayak Metro Station was awarded to ICICI Lombard and Churchgate and Hutatma Chowk Metro Stations to the Life Insurance Corporation (LIC). The winning brands will get branding space inside the station, mentioned in train announcements and station maps, in addition to pre-fixing of their brand names to the station names.
Auctus Advisors-StudioPOD consortium were the transaction advisors for this process, said officials. Bids for naming rights for the rest of the stations will be invited shortly before the Revenue Operation Date (ROD), they added.
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