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The Maharashtra government has secured ?21,500 crore in funding commitments from lenders for a major road project near Mumbai, aimed at easing congestion and enhancing infrastructure in the metropolitan region, sources familiar with the matter said. Maharashtra State Road Development Corporation Ltd. (MSRDC), a state-run entity, has obtained lender commitments to finance the construction of the high-end road, which is part of a broader infrastructure overhaul in the densely populated Mumbai region. The project, known as the “Multi-Modal Corridor,” is expected to improve connectivity and road quality. Among the key financiers, Rural Electrification Corporation Ltd. (REC) has committed ?10,000 crore, while the National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Ltd. (IIFCL) have pledged ?3,000 crore each, sources said. Smaller lenders, including Punjab National Bank, Bank of India, Bank of Maharashtra, and UCO Bank, are also involved in the financing. REC confirmed its commitment in response to Bloomberg News queries, while MSRDC and NaBFID did not comment. Prime Minister Narendra Modi has emphasized infrastructure development as a key driver of economic growth. The central government has significantly increased its budget for roads and highways, allocating ?2.78 lakh crore in FY25—more than triple the amount from five years ago, according to Crisil Ratings. The funding will be disbursed in phases, with construction set to begin in the next financial year starting April. The project has recently invited bids for execution, marking a crucial step in Maharashtra’s infrastructure expansion. |
