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Samruddhi Corridor: MSRDC ties up loans of Rs 28,000 crore

Press Trust of India  |  Mumbai 

Maharashtra Chief Minister Devendra Fadnavis on Thursday announced that MSRDC has achieved a financial closure of Rs 28,000 crore for the 701 km Mumbai-Nagpur Samruddhi Corridor.

For the Rs 55,447 crore project, Maharashtra State Road Development Corporation has secured loans of Rs 28,000 crore from various financial institutions, he informed.

The corridor -- an expressway -- will pass through ten districts, reducing the travel time between Nagpur, the state's second capital, and Mumbai to seven hours.

Key lenders of the project are State Bank of India (Rs 8,000 crore), Canara Bank (Rs 4,000 crore), LIC (Rs 4,000 crore), HUDCO (Rs 2,550 crore), Bank of India (Rs 1,700 crore), Union Bank of India (Rs 1,700 crore), Bank of Baroda (Rs 1,500 crore), Andhra Bank (Rs 1,500 crore), IIFCL (Rs 1,300 crore), Indian Bank (Rs 750 crore), and others (Bank of Maharashtra, Syndicate Bank and Oriental Bank of Commerce) Rs 1,000 crore.

MSRDC's capital investment on behalf of the state government is Rs 27,477 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 12 2019. 21:00 IST