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Loan sought for Mum-Nagpur E-way

The DEA has written to the South Korean government asking for a loan of Rs 35,000 crore

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The Department of Economic Affairs (DEA) under the Union Finance Ministry has written to the South Korean government asking for a loan of Rs 35,000 crore for construction of the 701-km Mumbai-Nagpur Expressway, officials of the Maharashtra State Road Development Corporation (MSRDC), which is executing the project, said.

"We have been recently informed by the DEA that they have recommended a loan of Rs 35,000 crore for the construction of the Mumbai Nagpur Expressway with the government bank of South Korea," Kiran Kurundkar, joint managing director of MSRDC, told DNA.

Kurundkar added that the corporation was also in talks with the Asian Development Bank (ADB) "Whoever offers a feasible rate of interest on the loan would be considered for the funds," he said.

The recommendation by the DEA comes at a time when Chief Minister Devendra Fadnavis is scheduled to visit South Korea as party of a three nation tour whose agenda includes getting funds for the Rs 46,000 crore expressway.

Seventy per cent of the funds is expected to be generated from national and international banks, while the rest has to be raised by MSRDC through equity.

The MSRDC has already got Rs 1,800 crore loan from the Housing and Urban Development Corporation Limited (HUDCO). Also the Chief Minister's Office (CMO) had asked Mumbai Metropolitan Region Development Authority (MMRDA), the Maharashtra Housing and Development Authority (Mhada), the City and Industrial Development Corporation of Maharashtra (CIDCO), the Maharashtra Industrial Development Corporation (MIDC) and Slum Rehabilitation Authority (SRA) to lend Rs 1,000 crore for the project.

ABOUT THE PROJECT

  • The project is currently at the bidding stage. The state needs about 10,000 hectares of land for Mumbai-Nagpur Expressway construction.
     
  • Of the land between Bhiwandi and Nagpur, around 84 per cent is agricultural, 13 per cent is fallow, and 1.92 per cent is forest land.
     
  • CM Fadnavis has also recently pitched for a bullet train between Mumbai and Nagpur.
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