Cabinet allows MMRDA to raise loan up to Rs 60,000 cr for infra projects
The Maharashtra Cabinet on Saturday gave in-principal approval to the Mumbai Metropolitan Regional Development Authority (MMRDA) to raise Rs 60,000 crore as loan to fund the ongoing big-ticket infrastructure projects in and around Mumbai.
The government also announced it will stand as guarantor to the first tranche of the loan to be raised – worth Rs 12,000 crore – by waiving duties.
Earlier, the MMRDA had appointed SBI Capital Market Limited as an advisor for its resource mobilisation plan and also approved SBI’s appointment to raise Rs 60,000 crore needed to complete projects at a fee of 0.20 per cent of the total funds raised.
