The Mumbai Metropolitan Region Development Authority (MMRDA) has signed infrastructure financing agreements worth Rs 4.07 trillion with leading public sector financial institutions to accelerate key infrastructure projects across housing, transport, energy, and urban services. The agreements were formalised during the India Global Forum’s “NXT25” summit held in Mumbai.

The Housing and Urban Development Corporation (HUDCO) committed Rs 1.5 trillion, the largest share of the funding, to support housing, transportation, and urban development initiatives. This financing aims to drive inclusive growth through large-scale affordable housing and essential civic infrastructure projects.

The Rural Electrification Corporation (REC) pledged Rs 1 trillion to back schemes focusing on urban mobility, energy efficiency, and integrated infrastructure, thereby strengthening MMRDA’s capacity to execute long-term development plans. Similarly, the Power Finance Corporation (PFC) contributed another Rs 1 trillion to support the development of energy-efficient and sustainable urban infrastructure.

To enhance transport connectivity in the region, the Indian Railway Finance Corporation (IRFC) committed Rs 500 billion towards metro lines, suburban railway corridors, and multi-modal connectivity systems. The funding is expected to improve last-mile access and reduce urban congestion. Additionally, the National Bank for Financing Infrastructure and Development (NaBFID) allocated Rs 70 billion for smart infrastructure and urban development.

These agreements, based on a 20:80 equity-debt model, are designed to accelerate project implementation while maintaining financial sustainability. MMRDA has previously partnered with REC and PFC, securing over Rs 600 billion in funding for metro and urban infrastructure projects. With this new funding, MMRDA aims to transform the Mumbai Metropolitan Region into a $300 billion economy by 2030 and generate over three million jobs through integrated, climate-resilient growth.

State leadership also underscored Maharashtra’s strong fiscal position and reaffirmed its commitment to building world-class infrastructure through domestic financial institutions, reinforcing the vision of a self-reliant India.

News source: The New Indian Express