Indore: WATT A JOLT! Govt nod ‘eclipses’ bond bounty by Rs 55 cr

60 MEGA WATT SOLAR POWER PLANT PROJECT: IMC passes resolution to raise Rs 305 cr but govt says Rs 250 cr!

Staff ReporterUpdated: Saturday, December 10, 2022, 02:06 AM IST
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Indore (Madhya Pradesh): Though Indore Municipal Corporation (IMC)’s council had approved a proposal to release green bonds for raising Rs 305 crore for setting up a 60 mega-watt (MW) solar power plant, the civic body got permission from the state government for raising Rs 250 crore, a total of Rs 55 crore less.

In a first, IMC is set to list green bonds as a public issue to raise funds for setting up a 60 mega-watt (MW) solar power plant.

“The IMC has to foot a hefty electricity bill of Rs 25 crore every month to pump water from Narmada river at Jalud village in Khargone and supply it to Indore. The solar power plant will help cut the expenditure,” said Mayor Pushyamitra Bhargav.

The Madhya Pradesh government had given a nod to the IMC’s green bond policy and efforts were initiated on Friday to get the Securities and Exchange Board of India’s (SEBI) clearance for the project, Divyank Singh, the chief executive officer of Indore Smart City Development Limited told PTI.

“Prime Minister Narendra Modi will be here on Pravasi Bharatiya Divas on January 9. We will try our best to have his presence during the listing of green bonds,” Singh said.

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 times, has a population of 35 lakh and is largely dependent on Narmada river for its water needs.

BOND WITH THE BEST

*IMC is set to list green bonds as a public issue to raise funds for setting up a 60 MW solar power plant

*IMC has to foot a hefty bill of Rs 25 cr monthly to bring water to Indore from Jalud village

*Jalud village is 80 km away and the solar power plant will help save money

*Indore is largely dependent on Narmada for water

WHAT WILL THE BOND OFFER?

*This is also the country’s maiden municipal green bond designed for retail investors

* The issuer has mandated A.K. Capital Services Ltd. and SBI Capital Markets Ltd. as lead managers of the offering

*People from other parts of the country can invest in the bond

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