MMRDA secures Rs 31,673-crore loan from Power Finance Corporation; agreement to fast-track Mumbai’s infra works

MMRDA and Power Finance Corporation officials sign the loan agreement on Wednesday, September 25. Pic/MMRDA

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a major loan facility from Power Finance Corporation (PFC). A loan amount of Rs 31,673.79 crore has been approved to finance nine crucial infrastructure projects that will transform the Mumbai Metropolitan Region's (MMR) transportation landscape.

A formal loan agreement was signed between PFC and MMRDA on Wednesday, September 25, marking the financial closure of several high-priority infrastructure projects aimed at enhancing connectivity, boosting economic growth, and improving the quality of life in MMR. This financial closure is aimed at covering 80 per cent of the total project cost, with the remaining portion being supported through a combination of government grants and contributions from MMRDA. Out of the total amount, Rs 15,071 crore will be directed towards the Thane-Borivali Twin Tunnel Project.

An additional Rs 16,602.79 crore has been allocated to the construction of Thane Coastal Road (Phase I), Eastern Freeway Extension from Ghatkopar to Thane, elevated road from National Highway No 4 to Katai Naka, creek bridge and access roads from Kolshet Thane to Kharbao, Bhiwandi as well as between Kasarvadavali, Thane and Kharbav, an elevated road from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dairy) along with a railway overbridge over Waldhuni River, an elevated road on the Eastern Express Highway from Anand Nagar to Saket in Thane city, and a creek bridge from Gaimukh to Payegaon.

These projects are expected to significantly improve the transportation infrastructure, offering safer, faster, and more sustainable travel options to the citizens of MMR.

In a press release issued on Thursday, the authority said, "The loan agreement marks a pivotal moment in MMRDA's continued efforts to develop world-class infrastructure, making the region a more connected, sustainable, and vibrant place to live and work."