Indore (Madhya Pradesh): Indore Mayor Pushyamitra Bhargav held a roadshow, a webinar and interacted with potential investors in Mumbai regarding issuance of green bonds on Monday.
Apart from the roadshow, the mayor also attended a meeting of potential investors. Bhargav is scheduled to share the details of the green bond with the media on February 8 and 9.
In a first for a urban local body, the Indore Municipal Corporation (IMC) is going to launch its green bonds as a public issue to raise more than Rs 250 crore for setting up a 60 megawatt (MW) solar power plant at Jalud pumping station, about 80 kilometre from the city.
FP Photo
Bonds will open on February 10
“The bond will open up for subscription on February 10 and close on February 14. The bond will be listed on BSE and NSE on any suitable day after February 22,” Mayor Pushyamitra Bhargav told Free Press.
“The power generated at the solar plant set up from money generated from the public issue will be spent in pulling water from Narmada river at Jalud village, which is neighbouring Khargone district and supplying it to Indore,” said Bhargav.
He further said that the Madhya Pradesh government has given a nod to the IMC's initiative of green bonds and efforts were made to get the Securities and Exchange Board of India's (SEBI) clearance for the project.
Green bonds to help in cutting expenditure of transporting water
Apart from Indore, people from other parts of the country can invest in the eight-year duration bonds and earn attractive returns.
Indore, which has bagged the tag of the cleanest city in the country for six consecutive years, has a population of 35 lakh and is largely dependent on Narmada river for its water needs.
According to officials, the IMC has to foot a heavy bill of Rs 25 crore every month to bring water to Indore from Jalud village, which is 80 km away, and the solar power plant will help cut the expenditure.
