+
MMRDA to appoint SBI Capital Markets raise funds of Rs 60k cr
RAILWAYS & METRO RAIL

MMRDA to appoint SBI Capital Markets raise funds of Rs 60k cr

The Mumbai Metropolitan Regional Development Authority (MMRDA) will appoint SBI Capital Markets Limited to raise Rs 60,000 crore funds for the ongoing and upcoming infrastructure projects.

It was decided in October during the 151st meeting of MMRDA, which was chaired by the Minister of Urban Development, Ekanath Shinde.

As per the estimated cash flow of MMRDA, it will get good revenue from its projects and other sources of income in the next 25 years. Looking at its non-receipt sources of revenue and its actual period of project implementation, in the next five years, it will require Rs 60,000 crore, an official told the media.

According to an official, it was approved during the meeting to raise funds of Rs 60,000 crore for the projects. MMRDA approved the government guarantee and other guarantees required for raising funds for the project.

SBI Capital Markets will be appointed for studying various loan options required for raising funds and appointed as Transaction or Project Advisory Services on Single Source Basis. As per the work mentioned in the proposal for raising funds, SBI Capital Markets will be paid 0.2% as a fundraising fee from the total loan amount. MMRDA can also appoint three expert staff for fundraising through outsourcing and take further steps required for the implementation of the project.

The capital expenditure of the MMRDA's infrastructure projects is approximately Rs 1,74,940 crore.

Image Source

The Mumbai Metropolitan Regional Development Authority (MMRDA) will appoint SBI Capital Markets Limited to raise Rs 60,000 crore funds for the ongoing and upcoming infrastructure projects. It was decided in October during the 151st meeting of MMRDA, which was chaired by the Minister of Urban Development, Ekanath Shinde. As per the estimated cash flow of MMRDA, it will get good revenue from its projects and other sources of income in the next 25 years. Looking at its non-receipt sources of revenue and its actual period of project implementation, in the next five years, it will require Rs 60,000 crore, an official told the media. According to an official, it was approved during the meeting to raise funds of Rs 60,000 crore for the projects. MMRDA approved the government guarantee and other guarantees required for raising funds for the project. SBI Capital Markets will be appointed for studying various loan options required for raising funds and appointed as Transaction or Project Advisory Services on Single Source Basis. As per the work mentioned in the proposal for raising funds, SBI Capital Markets will be paid 0.2% as a fundraising fee from the total loan amount. MMRDA can also appoint three expert staff for fundraising through outsourcing and take further steps required for the implementation of the project. The capital expenditure of the MMRDA's infrastructure projects is approximately Rs 1,74,940 crore. Image Source

Related Stories

Gold Stories

Next Story
Real Estate

Kamdhenu Realities acquires 4-acre Navi Mumbai land parcel

Kamdhenu Realities has acquired a 4-acre land parcel from RPG Life Sciences on Thane-Belapur Road for approximately Rs 1.5 billion, expanding its commercial real estate portfolio in Navi Mumbai.The parcel has a total developable potential of 1.8 million sq ft, on which Kamdhenu plans to develop a destination-scale commercial and lifestyle ecosystem. The proposed development will combine corporate office suites with high-street retail, F&B outlets, double-height lobbies, business infrastructure and lifestyle amenities.Located close to IKEA and opposite the upcoming Pawane Railway Station, t..

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code