MH-SAMRUDDHI-BANKS

A consortium of banks led by

State Bank of India has agreed to provide finance for Chief

Minister Devendra Fadnavis' pet Nagpur-Mumbai `Samruddhi

Corridor' expressway project, a top official said Wednesday.

SBI has agreed to lend the highest amount, Rs 8,500

crore, said Bhushan Gagrani, principal secretary in the Chief

Minister's Office.

"Other lenders include Punjab National Bank, Bank of

Baroda, Bank of Maharashtra as well as the Life Insurance

Corporation (LIC) of India," he said.

The estimated cost of the project, being constructed

by the Maharashtra State Road Development Corporation, is

around Rs 50,000 crore, of which around Rs 26,000 crore are

required for the construction of the expressway.

"We were falling short of Rs 3,000-4,000 crore to

reach the target of Rs 26,000 crore. The consortium of banks

has agreed to share that shortfall too. It has solved the

major issue of financial support," Gagrani said.

He added that banks believe in the financial viability

of the project. Almost 95 per cent of the land acquisition is

complete, Gagrani added.

Acquisition in some stretches in Amravati and

Aurangabad regions is yet to be done.

The corridor will have 25 toll plazas, and the toll

will be collected for 40 years.