Chief minister Devendra Fadanvis seeks funds from banks for Mumbai-Nagpur expressway

Fadnavis told the bankers that protest against land acquisition had slackened and 80% of the landowners had given their consent

Chief minister Chief minister Devendra Fadnavis on Wednesday met heads of leading banks and financial institutions to shore up funds for the Mumbai-Nagpur Expressway project. He allayed banks’ fears on resistance to land acquisition, pending litigation in the Bombay high court and the government’s response to the opposition, said an official, who attended the meeting.

He allayed banks’ fears on resistance to land acquisition, pending litigation in the Bombay high court and the government’s response to the opposition

“The bankers were told that the project is partly funded by the government agencies, including Mhada, MMRDA, MSRDC, while remaining funds will come from financial institutions,” said the official.

Fadnavis told the bankers that protest against land acquisition had slackened and 80% of the landowners had given their consent, added the official. The meeting was fruitful and more banks would lend for the 706-km expressway, said the CM’s office.

A senior Maharashtra State Road Development Corporation (MSRDC) official said that this was the second meeting with representatives of banks. “They (banks) had queries on concession agreement, repayment, safety issues from the lender’s point of view etc. The chief minister answered their queries,” said Kiran Kurundkar, joint managing director, MSRDC.

The MSRDC has roped in SBI Caps to raise Rs13,000 crore from the domestic market, while Asian Development Bank will lend Rs 13,750.

According to officials, of the project cost of Rs46,000 crore, Rs24,000 crore is required for civil construction and the rest for land acquisition, development of nodes, contingencies, financial charges, utility shifting etc.

Fadnavis told the bankers that the expressway would bring in prosperity for farmers of 10 districts, said the official.

“He also appealed to the bankers to come forward and extend a helping hand for the cause,” the official said. According to Kurundkar, land acquisition is progressing well and the government would acquire 50% of the land by October.