After A Long Hiatus, A Civic Body Hits Bond Street

After a gap of a few years, one more civic body is tapping the debt market. Nashik Municipal Corporation (NMC) is raising Rs 15 crore.

The last civic body to raise money from the public was Hyderabad Municipal Corporation. The issue assumes significance as the urban local body (UCB) has decided to tap the market when the state government has defaulted on its debt obligations.

Nashik Municipal Corporation has the highest self-reliance among most of the municipal bodies. The revenue generated on its own accounts for almost 99 per cent of the civic body