Loan approval of Rs 5 bn for road concretisation received by MBMC

21 Mar 2023 CW Team

The Mira-Bhayandar Municipal Corporation (MBMC) has received an in-principle approval to its application seeking Rs 5 billion as a loan from Bank of Baroda to concrete its road network throughout the twin-city, taking a step towards rendering the twin city free of potholes. The state’s urban development department (UDD) passed a government decision permitting the MBMC to obtain the loan from the banking organisation in November 2022. The MBMC has created a precise roadmap to concretise 67 roads following a thorough survey.

The road concrete project is expected to cost around Rs 10 billion. A resolution approved by the former general body house will allow the twin city to begin concreting 45 roadways. The city administration, which was facing a severe financial crisis as a result of the significant investment in medical infrastructure needed to combat the COVID pandemic, had asked the state government for authorisation to raise money to carry out the project's initial phase.

“Our aim is to provide superior quality roads to citizens. Tenders for the first phase of the work will be floated soon,” stated Dilip Dhole, Municipal Commissioner, MBMC. Although the loan will have a 10-year term, the appropriate interest rate is unclear. The state government's approval came with a number of conditions, including the payment of all outstanding installments on existing loans, an increase in revenue, the creation of new sources of funding, a prohibition against digging on freshly concreted roads, prompt repayment in accordance with the lender's loan structure, and a prohibition against diverting loan funds for any other use. The Mumbai Metropolitan Region Development Authority (MMRDA) will build the remaining roads.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..