Mumbai: MMRDA to raise private, govt funds for big infra projects

Authority to raise Rs 60,000 crore; Rs 12,000 crore earmarked for Metro projects

Sweety AdimulamUpdated: Thursday, August 11, 2022, 08:29 AM IST
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The Mumbai Metropolitan Region Development Authority (MMRDA) is actively in talks with private and government lending agencies to raise funds for its ongoing big-budget infrastructure and metro projects. In July, the Maharashtra cabinet, led by CM Eknath Shinde, had allowed the authority to raise a total of Rs 60,000 crore (required additional) for smooth execution of proposed and ongoing infrastructure projects.

The MMRDA is carrying out numerous metro projects across the Mumbai Metropolitan Region (MMR) which require exclusively Rs 12,000 crore of the total Rs 60,000 crore. The remaining amount will be used for the construction of other big budget infrastructure projects that include the Mumbai Trans Harbour Sealink, Sewri-Worli Connector, the Thane Coastal Road project, and extension of the Eastern Freeway till Thane, among others.

MMRDA chief, SVR Srinivas (IAS) told the FPJ that of the total Rs 60,000 crore funds required for infrastructure projects, the authority is trying to raise them from different sources. In fact, Srinivas recently met REC – a government of Indiaundertaking financing agency – in this regard. “Aninternal discussion on borrowing is underway,” he asserted. The MMRDA's annual budget for 2022-23 is Rs 18,404.63 crore.

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