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Banks to finance Mumbai-Nagpur Samruddhi Corridor

Banks to finance Mumbai-Nagpur Samruddhi Corridor
January 23
12:17 2019

A consortium of banks led by the State Bank of India, has agreed to provide finance for Maharashtra chief minister Devendra Fadnavis’ pet Nagpur-Mumbai ‘Samruddhi Corridor’ Expressway project, a top official has said. SBI has agreed to lend the highest amount of Rs 8,500 crores, said Bhushan Gagrani, principal secretary in the chief minister’s office. “Other lenders include Punjab National Bank, Bank of Baroda, Bank of Maharashtra, as well as the Life Insurance Corporation (LIC) of India,” he said.
The estimated cost of the project, being constructed by the Maharashtra State Road Development Corporation, is around Rs 50,000 crores, of which around Rs 26,000 crores is required for the construction of the expressway. “We were falling short of Rs 3,000-4,000 crores, to reach the target of Rs 26,000 crores. The consortium of banks has agreed to share that shortfall too. It has solved the major issue of financial support,” Gagrani said.
He added that banks believe in the financial viability of the project. Almost 95 per cent of the land acquisition is complete, Gagrani added. Acquisition in some stretches in Amravati and Aurangabad regions, is yet to be done. The corridor will have 25 toll plazas and the toll will be collected for 40 years. PTI

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