+
Loan approval of Rs 5 bn for road concretisation received by MBMC
ROADS & HIGHWAYS

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

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.

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.

Next Story
Infrastructure Transport

Digital Push For Ports With DCoE And SAGAR SETU

The Ministry of Ports, Shipping and Waterways has signed a Memorandum of Understanding with the Centre for Development of Advanced Computing (C-DAC) to establish a Digital Centre of Excellence (DCoE) for India’s maritime sector. The initiative aims to accelerate digital transformation across ports and shipping through advanced IT solutions, promote innovation, and support the sector’s modernisation.As part of its digitalisation push, the Government has launched the SAGAR SETU platform to enhance operational efficiency, productivity, and ease of doing business across Indian ports. The platf..

Next Story
Infrastructure Transport

272 Sagarmala Connectivity Projects Identified

A total of 272 road and rail connectivity projects have been identified under the Sagarmala Programme to enhance port-led development in India. These projects are being implemented by various agencies including the Ministry of Road Transport and Highways, the Ministry of Railways, Major Ports, and private concessionaires. Of these, 74 projects have been completed, 67 are under implementation, and 131 remain in the development phase.To ensure effective coordination and strategic oversight, a National Sagarmala Apex Committee has been established to provide overall policy direction and to review..

Next Story
Infrastructure Energy

India Pushes Offshore Oil Drive With Rs 180 Billion Mission

India is witnessing renewed momentum in oil and gas exploration, especially offshore, as it aims to tap vast untapped hydrocarbon reserves. In a written reply to a starred question in the Rajya Sabha, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri highlighted that nearly one million square kilometres of previously restricted offshore areas were opened in 2022, unlocking key deepwater frontiers such as the Andaman-Nicobar (AN) basin.Since 2015, 172 hydrocarbon discoveries have been reported by Exploration and Production (E&P) companies, including 62 offshore. The AN basin, ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?