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
Infrastructure Transport

NF Railway Launches Girder on World’s Tallest Pier Bridge in Manipur

The Northeast Frontier Railway (NFR) has reached a significant engineering milestone by successfully completing the girder launch on the iconic Noney Bridge in Manipur.Regarded as an engineering marvel, the Noney Bridge is recognized as the world’s tallest railway pier bridge. It forms a crucial part of the 111 km long Jiribam-Imphal railway line project.Recently, the final span of the bridge was successfully erected, marking the completion of all eight spans of this monumental infrastructure venture.Kapinjal Kishore Sharma, Chief Public Relations Officer of NFR, stated that this accomplishm..

Next Story
Infrastructure Urban

Cube Highways Trust Reports Rs 34.53 Bn Total Income in FY25

Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors, concluded its second financial year post-listing on a strong note by reporting a total consolidated income of Rs 34.53 billion for the financial year 2025, marking a 12.3 percent year-on-year (YoY) increase.According to the official media release, Cube InvIT posted a consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) of Rs 2,380 crore, reflecting a 21.7 percent YoY growth. During the year, traffic volumes increased by 6.2 percent, while the Asset Under Management (AUM) grew 25 percent to ..

Next Story
Infrastructure Transport

New Flyover to Ease Traffic on Hyderabad’s Busiest Road

To improve urban connectivity and reduce traffic congestion in the city, the Greater Hyderabad Municipal Corporation (GHMC) will undertake the construction of a two-lane unidirectional flyover at NFCL Junction in Banjara Hills, along with a two-lane unidirectional underpass and a three-lane unidirectional flyover at TV9 Junction, as part of the state government’s prestigious Hyderabad City Innovative and Transformative Infrastructure (H-CITI) programme.The NFCL Junction flyover will be a two-lane unidirectional structure extending from Banjara Hills Road No. 3 towards GVK Mall. It is planned..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?