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The Maharashtra Government will stand guarantor for a Rs 10,000 crore loan advanced by the Power Finance Corporation Ltd (PFCL) for infrastructure development projects in the Mumbai Metropolitan Region (MMR), officials said on Wednesday.
A Government Resolution (GR) or order issued by the state finance department said the cabinet had approved the loan to be taken on government guarantee for 2024-25.
As financial year 2024-25 is over, a fresh guarantee was being given subject to another cabinet approval. If there is a delay in repayment of loan by the Mumbai Metropolitan Region Development Authority (MMRDA), the government is not liable for any penalty, it said. MMRDA will be the principal debtor, and it will apprise the urban development and finance ministry of the repayment situation on a monthly basis. The government has allowed the MMRDA to raise loans of up to Rs 60,000 crore for ongoing and proposed infrastructure development projects in the MMR. So far the government has given guarantee to loans worth Rs 24,000 crore.
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