Maharashtra govt allows MMRDA to raise loans up to Rs 60,000 cr for infra projects

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The Maharashtra government on Saturday gave permission to the Mumbai Metropolitan Region Development Authority (MMRDA) to raise loans up to Rs 60,000 crore for infrastructure projects, an official said.

The Maharashtra government will stand guarantor for the loans and stamp duty on the government guarantee has been waived off for an amount of Rs 12,000 crore to be raised in the first phase, a statement from the Chief Minister's Office (CMO) said.

Infrastructure projects, including metro rail works, Thane-Borivali underground route, Thane coastal road, Sewri-Worli Connector, worth Rs 1,74,940 crore are underway in the Mumbai Metropolitan Region, it added.

"The MMRDA has been allowed to raise loans up to Rs 60,000 crore for completion of these projects," the CMO statement said quoting a cabinet meeting decision.

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