CHENNAI: A bicycle sharing system will soon be a reality in Chennai as the corporation's council meet on Tuesday gave approval for the project.

Mayor Saidai S Duraisamy said that five companies -- B-cycle, Kerberon Automations, Serco Global Services, Sand Vault Global Solutions Corporation and Next Bike - had expressed interest in the project.

The civic body recently invited expressions of interest for the bicycle sharing project under the design, build, operate and transfer model. The tenders will be floated soon.

The proposed cycle-sharing system will cover areas like Thousand Lights, Egmore, Mylapore, Royapettah and Kamarajar Salai.

“A total of 3,000 bicycles will be available in 300 bicycle hire docking stations in the first phase. Each station will have 10 to 15 cycles for rent” said a corporation official.

The selected firms may have to spend Rs 70,000 to 1 lakh as capital cost per bicycle. The capital cost consists of the price of bicycle, construction cost for docking stations, technology and manpower.

The corporation would provide adequate land for the project, the official said.