Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a loan of ₹31,673 crore from Power Finance Corporation (PFC) to fund nine infrastructure projects in constituencies represented by Chief Minister Eknath Shinde or his son Shrikant.
Eight of the nine projects received approval from MMRDA's executive committee on 4 September, approximately 20 days ago. These projects include the Balkum-Gaimukh Thane Coastal Road (Phase I), Eastern Freeway extension, National Highway 4 to Katai Naka elevated road, Thane-Bhiwandi creek bridge between Kolshet and Kalher, Kasarvadavali to Kharbao creek bridge, elevated road between Kalyan-Murbad Road and Badlapur, Anand Nagar to Saket elevated road, and Gaimukh to Payegaon creek bridge. The ninth project, the Thane-Borivali twin tunnel, had been previously approved.
Sanjay Mukherjee, Metropolitan Commissioner of MMRDA, stated, "This is a significant milestone for the development of the Mumbai Metropolitan Region (MMR), as we have secured a major loan facility from PFC totalling to ₹31,673.79 crore."
A formal loan agreement was signed between MMRDA and PFC on Wednesday, marking the financial closure of these "high-priority" infrastructure projects aimed at enhancing connectivity, boosting economic growth and improving the quality of life in MMR.
According to an MMRDA note, this financial closure is intended to cover 80% of the total project cost, with the remaining portion being supported through a combination of government grants and contributions from MMRDA. Of the total amount, ₹15,071 crore will be allocated to the Thane-Borivali twin tunnel project, while the remaining ₹16,602.79 crore will be distributed among the other eight projects.
{{/usCountry}}According to an MMRDA note, this financial closure is intended to cover 80% of the total project cost, with the remaining portion being supported through a combination of government grants and contributions from MMRDA. Of the total amount, ₹15,071 crore will be allocated to the Thane-Borivali twin tunnel project, while the remaining ₹16,602.79 crore will be distributed among the other eight projects.
{{/usCountry}}Mukherjee added that these projects are expected to significantly improve the transportation infrastructure, offering safer, faster and more sustainable travel options to the citizens of MMR. "This 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," he said.
Project cost and size
Thane Coastal Road (Phase I): ₹2,799 crore, 13.45 km
Eastern Freeway Extension: ₹2,727 crore, 12.95 km
NH 4 to Katai Naka Elevated Road: ₹1,981.17 crore, 6.71 km
Kolshet – Kalher Creek Bridge: ₹288.18 crore, 1.64 km
Kasarvadavali – Kharbao Creek Bridge: ₹1,525.31 crore, 3.93 km
Kalyan-Murbad Road to Badlapur Elevated Road: ₹451.10 crore, 2.16 km
Anand Nagar to Saket Elevated Road: ₹1,854 crore, 6.30 km
Gaimukh to Payegaon Creek Bridge: ₹975.58 crore, 6.509 km
Thane – Borivali Twin Tunnel: ₹15,071 crore
Total: ₹12,601.34 crore
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