MMRDA secures lines of credit worth Rs 4.07 trillion to develop MMR's infra

The Mumbai Metropolitan Region Development Authority (MMRDA) has signed non-binding lines of credit worth Rs 4.07 trillion (approximately $47.40 billion) with various Indian financial institutions for infrastructure development in the Mumbai Metropolitan Region (MMR).

 

MMRDA is the Maharashtra government agency responsible for preparing a regional infrastructure development plan for the MMR.

 

The partnerships were formalised at the India Global Forum 2025. The participating institutions are: Housing and Urban Development Corporation (HUDCO) – Rs 1.5 trillion; Rural Electrification Corporation (REC) – Rs 1 trillion; Power Finance Corporation (PFC) – Rs 1 trillion; Indian Railway Finance Corporation (IRFC) – Rs 50,000 crore; and National Bank for Financing Infrastructure and Development (NaBFID) – Rs 7,000 crore.

 

These institutions have pledged long-term financial assistance for MMRDA’s key infrastructure initiatives, including transport, housing, energy-efficient systems, multimodal connectivity, and smart urban services.

 

These partnerships will empower MMRDA to execute bankable projects using a 20:80 equity-debt model, accelerating infrastructure rollout while ensuring financial sustainability.

 

Earlier, institutions like REC and PFC had already provided significant support to MMRDA, with existing funding commitments of Rs 30,593 crore and Rs 31,563 crore, respectively, primarily towards metro and critical urban infrastructure projects—building on this strong foundation.

 

Maharashtra Chief Minister Devendra Fadnavis said, “In February 2025, we set an ambitious target of raising $100 billion to fund transformative infrastructure projects. As we work to position Mumbai and Maharashtra as a global destination, world-class infrastructure backed by long-term, low-cost funding is essential. Today, we’ve taken the first major step by closing almost $50 billion in funding from Indian institutions. Our next focus is to raise the remaining $50 billion from global institutions, ensuring financial stability and a strong foundation for Maharashtra’s future.”

 

Eknath Shinde, deputy chief minister and chairman of MMRDA, said, “While MMRDA has previously secured financial support of over Rs 3.5 trillion from Videshi (international) organisations in Davos, I am especially pleased that these lines of credit, worth Rs 4.7 trillion, are with Swadeshi (Indian) organisations.”

 

According to Sanjay Mukherjee, IAS, metropolitan commissioner of MMRDA, the state-run agency aims to transform MMR into a $1 trillion economy by 2047.

 

The region spans an area of 6,328 square kilometres, and its gross domestic product as of the financial year 2022–23 was $140 billion, about 4–5 per cent of India's total GDP at the time. MMR consists of nine municipal corporations, including Greater Mumbai, Thane, Kalyan-Dombivli, Navi Mumbai, Ulhasnagar, Bhiwandi-Nizampur, Vasai-Virar, Mira-Bhayandar, and Panvel.

 

The agency is working on 37 marquee infrastructure projects in MMR, including seven ring roads and a metro network of 337 kilometres. It will be collaborating with other government agencies, including the Slum Rehabilitation Authority (SRA), Maharashtra Housing and Area Development Authority (Mhada), and City and Industrial Development Corporation of Maharashtra (Cidco), for infrastructure development within MMR. 

Institution	Commited Investment (INR)
HUDCO	1.5 trillion
REC	1 trillion
PFC	1 trillion
IRFC	50,000 crore
NaBFID	7,000 crore
Source: MMRDA