Samruddhi Corridor: MSRDC ties up loans of Rs 28,000 crores

Maharashtra CM Fadnavis has announced Rs 28,000 crores funding for Samruddhi Corridor from financial institutions

Maharashtra Chief Minister Devendra Fadnavis on September 12, 2019 announced that MSRDC has achieved a financial closure of Rs 28,000 crore for the 701 km Mumbai-Nagpur Samruddhi Corridor. For the Rs 55,447 crore project, Maharashtra State Road Development Corporation has secured loans of Rs 28,000 crore from various financial institutions, he informed.

The corridor, an expressway will pass through ten districts, reducing the travel time between Nagpur, the state’s second capital, and Mumbai to seven hours.

Key lenders of the project are State Bank of India (Rs 8,000 crore), Canara Bank (Rs 4,000 crore), LIC (Rs 4,000 crore), HUDCO (Rs 2,550 crore), Bank of India (Rs 1,700 crore), Union Bank of India (Rs 1,700 crore), Bank of Baroda (Rs 1,500 crore), Andhra Bank (Rs 1,500 crore), IIFCL (Rs 1,300 crore), Indian Bank (Rs 750 crore), and others (Bank of Maharashtra, Syndicate Bank and Oriental Bank of Commerce) Rs 1,000 crore. MSRDC’s capital investment on behalf of the state government is Rs 27,477 crore.

SBI, other banks, agree to finance Mumbai-Nagpur Samruddhi Corridor

A consortium of banks led by the State Bank of India, has agreed to provide finance for Maharashtra chief minister Devendra Fadnavis’ pet Nagpur-Mumbai ‘Samruddhi Corridor’ Expressway project, a top official said, on January 16, 2019. SBI has agreed to lend the highest amount of Rs 8,500 crores, said Bhushan Gagrani, principal secretary in the chief minister’s office. “Other lenders include Punjab National Bank, Bank of Baroda, Bank of Maharashtra, as well as the Life Insurance Corporation (LIC) of India,” he said.

See also: PM Modi launches housing, road and sewerage projects in Solapur, Maharashtra

The estimated cost of the project, being constructed by the Maharashtra State Road Development Corporation, is around Rs 50,000 crores, of which around Rs 26,000 crores is required for the construction of the expressway. “We were falling short of Rs 3,000-4,000 crores, to reach the target of Rs 26,000 crores. The consortium of banks has agreed to share that shortfall too. It has solved the major issue of financial support,” Gagrani said.

He added that banks believe in the financial viability of the project. Almost 95 per cent of the land acquisition is complete, Gagrani added. Acquisition in some stretches in Amravati and Aurangabad regions, is yet to be done. The corridor will have 25 toll plazas and the toll will be collected for 40 years.



Samruddhi Mahamarg: Thane minister asks collector to look into project irregularities

Thane guardian minister Eknath Shinde has asked the district collector to inquire into the allegations of irregularities, in the Maharashtra Samruddhi Mahamarg project

January 7, 2019: At the district planning committee meeting held in Thane on January 5, 2019, BJP MLA from Murbad (Thane) Kisan Kathore, alleged that some revenue officials were involved in irregularities in the acquisition of land in the district and payment of compensation to farmers and villagers affected by the Samruddhi Mahamarg project. Taking a serious note of the charges, Thane guardian minister Eknath Shinde asked collector Rajesh Narvekar, to conduct a probe into it.

See also: L&T, RInfra, Tatas, 15 others, bid for Nagpur-Mumbai Expressway project

The Mumbai-Nagpur Super Communication Expressway, also known as the Maharashtra Samruddhi Mahamarg, which will pass through Nagpur, Buldhana, Amravati, Wardha, Washim, Thane, Aurangabad, Akola, Bhiwandi and Nashik districts, is facing opposition from farmers in some pockets along its 700-km route, especially in Nashik district. Meanwhile, Shinde also approved a Rs 20-crore annual plan for the Thane district, for 2019-20.



Marathwada to be biggest beneficiary of Samruddhi Corridor: Maharashtra CM

Aurangabad and Jalna districts in the Marathwada region, would be ‘magnets of development’ due to the Nagpur-Mumbai Samruddhi Mahamarg, Maharashtra chief minister Devendra Fadnavis has said

September 18, 2018: “Marathwada region is going to be the biggest beneficiary of the Nagpur-Mumbai Super Communication Expressway, especially Aurangabad and Jalna districts. These districts will be the magnets of development,” Maharashtra chief minister Devendra Fadnavis said, on September 17, 2018. The Rs 49,250-crore Nagpur-Mumbai Samruddhi Mahamarg, alternatively referred to as a Super Communication Expressway, will be 700 kilometres long and will pass through 392 villages, spread over 11 districts.

“The development of Aurangabad Industrial City (AURIC), as part of the Delhi-Mumbai Industrial Corridor (DMIC), is in progress with a total investment of Rs 11,000 crores, with an estimated job creation for three lakh people,” Fadnavis added. AURIC, formerly called the Shendra-Bidkin industrial area, located near Aurangabad, is a planned and greenfield smart industrial city being developed across 10,000 acres, as part of the DMIC.

Speaking further on government initiatives to help Marathwada, Fadnavis said that the region was home to about 35 per cent of farm ponds, created across the state in the last two years. These ponds in Marathwada had a capacity to irrigate 60,000 hectares of agricultural land, he said.

See also: Russian firm keen to invest Rs 1,000 crores in Maharashtra industrial city

The Maharashtra CM said that the proposed Marathwada water grid project, would see the linking of 14 reservoirs for enhanced irrigation. “Green cover in the Marathwada region is very limited. The state government’s mass sapling plantation drive has realised into five crore plantations, as against the target of two crore this year,” Fadnavis said.

Fadnavis was speaking at the Marathwada Liberation Day organised at Aurangabad, about 335 kilometres from Mumbai. The arid region was part of the Hyderabad Nizamate, at the time of independence. A violent struggle ensued after the Nizam turned down a plea by the local populace, for separating Marathwada from Hyderabad. The region finally got separated from the Nizamate on September 17, 1948.


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