Public sector firms like LIC, SBI and Indian Oil are in race with large conglomerates like JSW, GlaxoSmithKline and Piramal for getting naming rights on the 33 km ColabaBandra-SEEPZ Metro-3 corridor.
The Mumbai Metro Rail Corporation (MMRC), which is implementing the project, has received 87 expressions of interest (EOIs) to acquire rights to name 18 stations. In all, 28 organisations have expressed their interest in naming rights, with many of them showing interest in multiple stations, MMRC said in a statement.
These include large PSUs like LIC, Indian Oil, banking and financial institutions like SBI, Bank of Baroda, UTI, Kotak, IDFC First, HSBC, airlines like Indigo, SpiceJet, and corporates like JSW, GlaxoSmithKline, TimesGroup, Blackstone, Phoenix Mills, Piramal, Oberoi, DB Realty among others.
“The BKC station, being the most significant business district in the city, was the most sought-after station with 12 EOIs. Dadar and Airport Terminal 2 stations were joint second, receiving nine EOIs each, followed by Airport Terminal one and CSMT with seven EOIs each,” it said.
The EOI process was managed by non-fare revenue consultants Auctus Advisors and StudioPOD. “This level of response confirms our view that organizations and businesses in Mumbai have a significant commercial value to a long-term association with the metro network. Given its high ridership and reach, the organizations appreciate the impact and visibility it provides,” MMRC Managing Director Ranjit Singh Deol said.
He further said that non-fare revenue is critical for the sustainable operations of any transportation network, which helps keep passenger tariffs under check. “Stations naming rights is a critical source contributing significantly to overall of non-fare revenue. Besides us, the organisations will also benefit by naming stations and associating with a vital metro corridor which will change the way Mumbaikars travel today,” he added.