Public sector banks to finance Nagpur-Mumbai Expressway project
ROADS & HIGHWAYS

Public sector banks to finance Nagpur-Mumbai Expressway project

In order to boost Chief Minister Devendra Fadnavis’s pet project, the Mumbai-Napur Expressway (also known as Samruddhi Corridor), public sector banks have agreed to provide finance for the project. Reportedly, the State Bank (SBI) of India has agreed to lend Rs 85 billion, which is the highest amount that has been received for the project.  

Other than SBI, banks such as Punjab National Bank, Bank of Baroda, Bank of Maharashtra and the Life Insurance Corporation of India (LIC) have agreed to finance the project. 

Being constructed by the Maharashtra State Road Development Corporation, the estimated cost of the project is Rs 500 billion. Of the total cost of the project, nearly Rs 260 billion is required for the construction of the expressway. The corporation is reportedly falling short of Rs 30-Rs 40 billion to the required Rs 260 billion. The consortium of banks, therein, have agreed to pitch in the shortfall. 

At present, nearly 95 per cent of the land acquisition of the project has been completed and has thus paved the way for banks to lend money for the project. However, the acquisition in the stretches of Amravati and Aurangabad is yet to commenced. Nearly 8,311 hectare has been acquired for the project. Of the 701 km of the total length of the project, construction of almost 600 km is expected to be completed by December 2020.

In order to boost Chief Minister Devendra Fadnavis’s pet project, the Mumbai-Napur Expressway (also known as Samruddhi Corridor), public sector banks have agreed to provide finance for the project. Reportedly, the State Bank (SBI) of India has agreed to lend Rs 85 billion, which is the highest amount that has been received for the project.   Other than SBI, banks such as Punjab National Bank, Bank of Baroda, Bank of Maharashtra and the Life Insurance Corporation of India (LIC) have agreed to finance the project.  Being constructed by the Maharashtra State Road Development Corporation, the estimated cost of the project is Rs 500 billion. Of the total cost of the project, nearly Rs 260 billion is required for the construction of the expressway. The corporation is reportedly falling short of Rs 30-Rs 40 billion to the required Rs 260 billion. The consortium of banks, therein, have agreed to pitch in the shortfall.  At present, nearly 95 per cent of the land acquisition of the project has been completed and has thus paved the way for banks to lend money for the project. However, the acquisition in the stretches of Amravati and Aurangabad is yet to commenced. Nearly 8,311 hectare has been acquired for the project. Of the 701 km of the total length of the project, construction of almost 600 km is expected to be completed by December 2020.

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?