 "Infrastructure")
Non-government financing for infra projects has received severe jolts in the last few years. Lending institutions have withdrawn, or are very wary. Capital markets are suspicious. Foreign interest is for operating brown-field projects; not fresh green-field investments. The non-performing assets (NPA) mountain is large for all to see; and the spate of recent bankruptcies of infra-involved companies has eroded whatever confidence still remained. All this has happened for regular, tried-and-tested infra projects, largely in power and transportation sectors.
Urban infrastructure had always been difficult to finance, even when all the above negativism had not surfaced.
So when Pune raised Rs 2 billion
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