Maharashtra raises Rs 28,000 crore for the ambitious Samruddhi Corridor
Connecting with Nagpur, this six-lane, 800km project passes through 10 districts and provides fast track connectivity to another 14 through with six-lane connecting ways
In a major announcement ahead of assembly elections in the state, Chief Minister Devendra Fadnavis announced the financial closure of the ambitious Samruddhi Corridor. For the project of around Rs 55,000 crore the Maharashtra State Road Development Corporation (MSRDC) has received a total of around Rs 28,000 crore in loan from various financial institutions, he said.
The Nagpur-Mumbai Super Communication Express Way (NMSCEW) has been nicknamed the “Samruddhi Corridor” by the Maharashtra government, as it is expected to bring ‘prosperity’ to the state. Connecting the state capital Mumbai with its ‘second capital’ Nagpur, this six-lane, 800km project passes through 10 districts and provides fasttrack connectivity to another 14 through with six-lane connecting ways. While the greenfield project is expected to cut down the east-west travel time in the state to almost half, the connectivity to port is expected to change the agri-business dynamics of the state.
The project is being implemented through NMSCEWL – an SPV. The six-lane road would be 120 meter wide and would allow vehicles to to ply at a speed of 150kmph. While the road passes through 392 villages of 26 taluka in 10 districts, it also connects 14 districts indirectly to Mumbai through 20 agri-prosperity centres. The road will also provide connectivity to the Western Corridor and the Golden Quadrilateral.
CM Fadnavis announced the financial closure of the project. Of the Rs 55,477 crore of the project cost Rs 27,477 crore would be invested by the state government – as the MSRDC share and Rs 28,000 crore have been raised through loans. The State Bank of India was the apex bank for raising loans while SBI Caps was the commercial adviser of the project. The announcement was made in presence of SBI MD Arijit Basu, SBI Caps EVP Supratim Sarkar and other key government officials.
Key lenders for the project are – SBI - Rs 8,000 crore; Canara Bank – Rs 4,000 crore; LIC – Rs 4,000 crore; HUDCO – Rs 2,550 crore; BOI – Rs 1,700 crore; Union Bank – Rs 1,700 crore; BOB – Rs 1,500 crore; AndhraBank – Rs 1,500 crore; IIFCL- Rs 1,300 crore; Indian Bank – Rs 750 crore; Bank of Maharashtra – Rs 500 crore; and Syndicate Bank – Rs 500 crore.