+
MUML Project Secures Financing to Boost Mumbai's Power Supply
POWER & RENEWABLE ENERGY

MUML Project Secures Financing to Boost Mumbai's Power Supply

The MUML Project, awarded in June 2020 under Tariff Based Competitive Bidding (TBCB), is set to enhance Mumbai and Navi Mumbai’s power infrastructure, delivering over 2,000 MW of additional electricity. Spanning across Maharashtra, Gujarat, Assam, and Arunachal Pradesh, the project is a pivotal part of India's western and northeastern region strengthening schemes.

The financing for this ambitious project includes the first Non-Convertible Debenture (NCD) issuance by SGL32, following its joint venture with Singapore’s GIC. This move strengthens the financial backing for the MUML Project, which is integral to India’s green energy corridor, facilitating the evacuation of 20 GW of renewable energy from Rajasthan.

Pratik Agarwal, Director of SGL32, emphasized the importance of this transaction, noting, “This transaction highlights our ability to diversify financing sources and secure cost-efficient funding.” The project’s success will further solidify India’s commitment to renewable energy development and enhance power distribution capabilities for the region.

The MUML Project, awarded in June 2020 under Tariff Based Competitive Bidding (TBCB), is set to enhance Mumbai and Navi Mumbai’s power infrastructure, delivering over 2,000 MW of additional electricity. Spanning across Maharashtra, Gujarat, Assam, and Arunachal Pradesh, the project is a pivotal part of India's western and northeastern region strengthening schemes. The financing for this ambitious project includes the first Non-Convertible Debenture (NCD) issuance by SGL32, following its joint venture with Singapore’s GIC. This move strengthens the financial backing for the MUML Project, which is integral to India’s green energy corridor, facilitating the evacuation of 20 GW of renewable energy from Rajasthan. Pratik Agarwal, Director of SGL32, emphasized the importance of this transaction, noting, “This transaction highlights our ability to diversify financing sources and secure cost-efficient funding.” The project’s success will further solidify India’s commitment to renewable energy development and enhance power distribution capabilities for the region.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?