MSRDC lines up loan worth Rs 19,878 cr for Mumbai-Nagpur Super Communication Expressway

The state run Maharashtra State Road Development Corporation (MSRDC) has lined up loan worth Rs 19,878 crore of the total loan requirement of Rs 28,000 crore for the ambitious Mumbai-Nagpur Super Communication Expressway. State Cabinet is expected to soon give its consent for the Concession Agreement to be signed by MSRDC with the lenders. The project entails total investment of Rs 46,000 crore.

State public works department (PWD) officer told DNA, "MSRDC has already received loan commitment from leading banks including PNB, Canara Bank, Dena Bank, Bank of Maharashtra, Corporation Bank, Bank of India, Indian Bank, Andhra Bank and Union Bank of India. Besides, the state run Housing and Urban Development Corporation has also communicated its commitment to lend money." He informed that SBI, Vijaya Bank, LIC, India Infrastructure Finance Company and others will soon provide their written commitment for the balance loan.

The officer said the state cabinet's approval for the draft Concession Agreement will pave way for MSRDC to sign it with the lenders. Thereafter, MSRDC will achieve the financial closure for the project.

The government has already established a special purpose vehicle titled Nagpur-Mumbai Super Communication Expressway Limited for this project. The expressway, also known as Samruddhi Mahamarg, will run through 10 districts, 26 tehsils and 390 villages. The government hopes that the construction will begin in April.