The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a significant loan of INR 31,673.79 crores from Power Finance Corporation (PFC) to finance nine key infrastructure projects. This funding will cover 80% of the total project costs and includes initiatives such as the Thane Coastal Road, the Eastern Freeway extension, and multiple elevated roads and bridges. These developments aim to improve connectivity and enhance the quality of life in MMR, transforming its transportation landscape.
In a significant milestone for the development of the Mumbai Metropolitan Region (MMR), the Mumbai Metropolitan Region Development Authority (MMRDA) has secured a substantial loan facility from M/s Power Finance Corporation (PFC). The total loan amount of INR 31,673.79 crores has been approved to finance nine crucial infrastructure projects that will transform MMR's transportation landscape.
A formal loan agreement was signed between PFC and MMRDA last week, marking the financial closure of several high-priority infrastructure initiatives aimed at enhancing connectivity, boosting economic growth, and improving the quality of life in MMR. This financial closure is intended to cover 80 percent of the total project cost, with the remaining funding supported through a combination of government grants and contributions from MMRDA. Of the total amount, INR 15,071 crores will be allocated to the Thane-Borivali Twin Tunnel Project, while an additional INR 16,602.79 crores will be designated for the following projects:
The projects include the construction of the Thane Coastal Road (Phase I), the extension of the Eastern Freeway from Ghatkopar to Thane, and the development of an elevated road from National Highway No. 4 to Katai Naka. Additionally, there will be a creek bridge and access roads built from Kolshet Thane to Kharbao in Bhiwandi, as well as a creek bridge between Kasarvadavali in Thane and Kharbav. An elevated road will also be constructed from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dairy), which will include a railway overbridge over the Waldhuni River. Further, an elevated road will be added to the Eastern Express Highway from Anand Nagar to Saket in Thane city, along with a creek bridge connecting Gaimukh to Payegaon.
These projects are expected to significantly enhance the transportation infrastructure, providing safer, faster, and more sustainable travel options for the citizens of MMR. This loan agreement signifies a pivotal moment in MMRDA's ongoing efforts to develop world-class infrastructure, making the region a more connected, sustainable, and vibrant place to live and work.
In conclusion, this loan agreement marks a crucial step in MMRDA's mission to create world-class infrastructure, ultimately fostering a more connected and sustainable region for residents and businesses alike.
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