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Maharashtra Cabinet nod to offer bank guarantee for Mumbai-Nagpur expressway

Wednesday, 17 Jul 2019
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The Maharashtra Cabinet has sanctioned proposal to offer a bank guarantee of Rs 4,000 crore towards the interim loan for Mumbai-Nagpur expressway project.

The interim loan is being raised by the Maharashtra State Road Development Corporation (MSRDC) with the help of SBI-led Group of Banks for Rs 55,000 crore for Mumbai-Nagpur Super Communication Expressway (Maharashtra Samruddhi Mahamarg).

The move will help expedite the ambitious project. MSRDC is raising a loan to the tune of Rs 25,000 crore, of which Rs 16,000 crore has already been approved. Moreover, the process to get the remaining Rs 9,000 crore loan is underway.

The expressway will connect 24 districts and have 26 nodes which will be developed into industrial hubs and also have agro-processing units. The development work has begun on several stretches of the 701-km long corridor.

The project is expected to be ready by 2020-end as filling and grubbing or leveling activities are almost 75 percent complete. The engineering cost of the project is worth Rs 34,000 crore as the road will be concretised and a safety wall will be built along the entire stretch.

 

 
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