Nashik Municipal Corporation’s Green Bond Debuts On NSE, CM Devendra Fadnavis Backs Bond Funding For City Projects

Nashik: Chief Minister Devendra Fadnavis said that municipal corporations can raise funds for various development works by issuing bonds in the capital market. Like the Nashik Municipal Corporation, creating an “innovative fund” will certainly strengthen financial resources for urban development, he expressed.

The green bond issued by the Nashik Municipal Corporation was officially listed at the National Stock Exchange of India (NSE) in the Bandra-Kurla Complex, Mumbai, with the ceremonial ringing of the bell by the Chief Minister.

Water Resources Minister Girish Mahajan, Nashik Mayor Himgauri Aaher, Deputy Mayor Vilas Shinde, Standing Committee Chairman Machhindra Sanap, NSE CEO Ashish Chauhan, MITRA CEO Praveen Pardeshi, Additional Chief Secretary of the Urban Development Department Asimkumar Gupta, Nashik Kumbh Mela Development Authority Commissioner Shekhar Singh, and Municipal Commissioner Manisha Khatri were present on the occasion.

Fadnavis said that within a single financial year, Nashik Municipal Corporation entered the capital market by issuing municipal bonds through both private placement and public issuance. Municipal corporations should raise funds through the capital market to undertake public welfare projects. The central government has also introduced a scheme for this purpose.

Initially, the central government had approved bonds worth up to ₹200 crore. Seeing its success, the limit was increased to ₹1,000 crore in the Union Budget. The incentive amount for such bonds has also been increased to ₹200 crore.

For preparations related to the Kumbh Mela, development works worth nearly ₹25,000 crore are underway in the Nashik metropolitan region. These projects will not only support the Kumbh Mela but also help transform Nashik into a developed metropolitan city. He expressed confidence that Nashik will emerge as a major investment destination in the coming years.

Nashik Municipal Corporation has secured the top position in both phases. Through incentives from the central government and the Urban Challenge Fund, the corporation will receive interest-free funds. The money raised through these bonds will be used to complete water supply projects in the city, which will help reduce water leakage from 47% to 20%.

During the event, NSE CEO Ashish Chauhan shared his views, while Municipal Commissioner Manisha Khatri presented details about the bond. The programme was anchored by Mansi Sonatakke, and several public representatives and officials from Nashik Municipal Corporation attended.

Development Works to be Funded through the Bonds
The funds raised through the bonds will be used for several infrastructure projects. These include increasing the capacity of the pumping station at Mukane Dam, constructing a new water purification plant at Vilholi, and laying a main gravity pipeline from the Vilholi water treatment plant to Sadhugram.
The primary objective of these projects is to ensure clean and safe drinking water supply to Nashik city during the Kumbh Mela and in the years ahead.