Maharashtra's Bold Step Towards a Financial Future: IBFC in Nagpur

The Maharashtra government has approved a Rs 3,000 crore state guarantee for a loan from HUDCO to acquire land for the International Business and Finance Centre in Nagpur. The project, part of the 'New Nagpur' initiative, aims to transform the region into a major business hub.

The Maharashtra government has taken a significant step towards establishing Nagpur as a key financial hub. On Wednesday, it approved a state guarantee of Rs 3,000 crore for a loan from the Housing and Urban Development Corporation (HUDCO), facilitating land acquisition for an International Business and Finance Centre (IBFC).

Part of the ambitious 'New Nagpur' initiative, the International Business and Finance Centre will span approximately 692.06 hectares in the Hingna tehsil villages of Godhani (Khurd) and Ladgaon (Khurd). The development is being spearheaded by the Nagpur Metropolitan Region Development Authority (NMRDA), as per a Government Resolution from the state finance department.

With a total borrowing of Rs 6,500 crore projected for the IBFC project, this initial phase focuses on land acquisition. The government guarantee is substantiated with stringent conditions ensuring NMRDA is the principal debtor. This project is expected to elevate Nagpur into a significant business hub, positioning it strategically within central India.

(With inputs from agencies.)