'Rapid MetroRail Gurgaon South, a special purpose vehicle promoted by IL & FS Rail Limited (IRL) and IL & FS Transportation Networks Limited (ITNL) is executing the Phase II of the Rapid Metro Project in Gurgaon. Work on the Phase II will start shortly and will connect Sikanderpur to Sector 55-56, a 7-km route with six stations. On completion of Phase I and II, Rapid Metro network will be a 12 km long system with 12 stations. The project is being implemented on Public Private Partnership basis. As of March 2013, the company has achieved financial closure for the project. A consortium of three banks led by Canara bank will give RMGSL a loan of Rs 15000 million while the company will invest Rs 6430 million as equity.