Maharashtra Government Backs Massive Loan for Mumbai Infrastructure
The Maharashtra Government will guarantee a Rs 10,000 crore loan from the Power Finance Corporation Ltd for infrastructure development in Mumbai. The Mumbai Metropolitan Region Development Authority will be the principal debtor, handling up to Rs 60,000 crore loans. The government assumes no penalty liability for delays.
- Country:
- India
The Maharashtra Government has pledged to guarantee a substantial Rs 10,000 crore loan from Power Finance Corporation Ltd, earmarked for infrastructural enhancement within the Mumbai Metropolitan Region, sources revealed on Wednesday.
The state finance department's recent Government Resolution reflects cabinet approval for the loan, valid for 2024-25 under government assurance. With the financial year ended, a renewed guarantee will require further cabinet consent.
In the event of repayment delays by the Mumbai Metropolitan Region Development Authority (MMRDA), the government is absolved from penalties. MMRDA, the primary debtor, will report monthly to both the urban development and finance ministries regarding repayment progress.
(With inputs from agencies.)
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- Maharashtra
- Mumbai
- infrastructure
- loan
- development
- PFCL
- MMRDA
- government
- guarantee
- finance
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