Ujjain (Madhya Pradesh): The Ujjain Development Authority (UDA) and Indian Overseas Bank (IOB) have signed a memorandum of understanding (MoU) for a term loan of Rs 643.39 crore to develop temple infrastructure, pilgrim facilities and heritage-related infrastructure in Ujjain ahead of the Simhastha 2028.
The MoU was signed at the Brilliant Convention Centre in Indore on Wednesday during the Madhya Pradesh Urban Growth Conclave 2.0 in the presence of Chief Minister Mohan Yadav.
The term loan will partially finance 11 temples, ghat and heritage projects, with a total estimated cost of Rs 1,124.52 crore. In addition to the term loan, UDA plans to raise Rs 200 crore through a public issue of Temple Bonds, providing an additional source of funding for the development of these projects.
The amount borrowed by UDA will primarily be repaid from revenue generated by 11 projects. However, UDA will retain primary responsibility for repaying the principal, interest and other amounts due. The projects aim to improve facilities for pilgrims, upgrade temple and ghat infrastructure, strengthen heritage-related amenities and develop better urban infrastructure in Ujjain as part of preparations for Simhastha 2028. Approximately 40 crore pilgrims are expected to visit Ujjain during Simhastha 2028.
The financial initiative reflects the commitment of Madhya Pradesh government and UDA to developing world-class infrastructure. The objective is to provide millions of pilgrims visiting Ujjain during the major religious gathering with a safe, well-organised and convenient.
Those present on the occasion included cabinet ministers Kailash Vijayvargiya and Tulsiram Silawat, minister of state Pratima Bagri, UDA chairman Ravi Solanki, MP Housing Board chairman Om Jain, ACS Sanjay Dubey, urban administration and development department commissioner Sanket Bhondve, UDA CEO Sandeep Soni, UDA legal officer Manish Joshi and chief regional manager of Indian Overseas Bank Hari Raman, among others.
