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    Published On : Fri, Nov 18th, 2016

    Maharashtra Govt negotiating with Asian Development Bank for funding Nagpur-Mumbai Road Project

    nagpur highway
    Nagpur
    : Funds are required to make roads of success. The ambitious Nagpur-Mumbai Super-communication Expressway which is said to be 712-kilometers long highway is slowly taking shape in the planning stages. However Maharashtra Government will require a sizeable amount for completion of this project.

    According to sources, the Maharashtra government has entered into talks with the Asian Development Bank (ADB) to raise funds for the Rs 46,000 crores Nagpur-Mumbai ‘Samruddhi Corridor Road Project’.

     

    Vice Chairman and Managing Director Maharashtra State Road Development Corporation (MSRDC) Radheshyam Mopalwar while speaking to media personnel said that the government needs to raise funds worth of Rs 27,000 crore which is the actual project cost. The Maharashtra Government plans to raise the requisite funds from the market in the form of loan and the Government has already approached ADB for raising the funds. MSRDC is the implementing agency for the 712-kilomters road project that will require 10,000 hectares. It has appointed SBI Capital to assist in fund-raising.

    Mopalwar added that of the total project cost of Rs 46,000 crore, Rs 27,000 crore, which includes Rs 24,000 crore for civil work, Rs 2,500 crore for node development and Rs 500 crore for utility shifting, will be raised from market.

    While answering a query on when the actual work is slated to begin, Mopalwar said that they are currently in the process of final alignment and acquiring of land. They expect that to be complete in two months. By February 2017, they feel that they will be able to invite tenders and by May, the actual civil work may begin. Mopalwar claimed that they have set a target to complete the project by 2019.

    He said the joint measurement process, which includes notifying land and acquiring it, will start from November 21.

    The government has adopted land pooling pattern where the farmers, whose land is acquired, would be given in return fully developed land in the vicinity along with provisions for sustained livelihood.

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