08 April,2025 06:42 PM IST | Mumbai | A Correspondent
The partnerships will empower MMRDA to execute bankable projects with a 20:80 equity-debt model, an official statement said
The Mumbai Metropolitan Region Development Authority (MMRDA) has signed Rs 4.07 lakh crore funding deals for infrastructure development projects in Mumbai Metropolitan Region (MMR), an official statement said on Tuesday.
It said that the MMRDA on Tuesday secured non-binding lines of credit worth Rs 4.07 lakh crore (approximately USD 48 billion) from leading Indian financial institutions.
The step aims to accelerate infrastructure development in the Mumbai Metropolitan Region (MMR) and transform it into a global urban and financial hub, it said.
According to the official statement, the credit lines were signed during the India Global Forum 2025, under the leadership of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister and MMRDA Chairman Eknath Shinde, and Metropolitan Commissioner Dr. Sanjay Mukherjee.
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"Key financial institutions, including REC, PFC, HUDCO, IRFC, and NaBFID, have pledged long-term financial assistance to fund crucial infrastructure projects across the region," the statement said.
It further said that the partnerships will support a wide range of MMRDA projects including as transport systems, affordable housing, energy-efficient solutions, multimodal connectivity, and smart urban services. The funding is in line with Maharashtra's goal of becoming a USD 1 trillion economy and contributing to India's ambition of reaching a USD 5 trillion economy.
The partnerships will empower MMRDA to execute bankable projects with a 20:80 equity-debt model, accelerating infrastructure rollout while ensuring financial sustainability, it said.
Dr. Sanjay Mukherjee, Metropolitan Commissioner, MMRDA said, "MMRDA's collaboration with leading Indian financial institutions reinforces our strategy of building resilient and future-ready infrastructure through robust and innovative financing mechanisms. These Line of credits will significantly strengthen our project pipeline and help us deliver on the vision of a sustainable, inclusive, and globally competitive Mumbai Metropolitan Region. This moment marks a pivotal shift - from planning to accelerated execution. With these partnerships, we are confident of delivering integrated, people-centric infrastructure that meets the aspirations of a modern India."
Signed lines of credit
- Housing and Urban Development Corporation (HUDCO):
Line of Credit: Rs 1.5 lakh crore
Scope: Financing of housing, transport, and urban development projects across MMR.
Impact: Supports integrated development of affordable housing and urban amenities, enabling sustainable and inclusive urban transformation.
- Rural Electrification Corporation (REC):
Line of Credit: Rs 1 lakh crore
Scope: Funding across sectors including urban transport, energy efficiency, and integrated infrastructure.
Impact: Enhances financial capacity for long-term infrastructure projects in the region.
- Power Finance Corporation (PFC):
Line of Credit: Rs 1 lakh crore
Scope: Focused on energy-efficient infrastructure, sustainable transport, and urban services.
Impact: Provides structured, long-term financing for key urban transformation initiatives.
Indian Railway Finance Corporation (IRFC):
Commitment: Rs 50,000 crore
Scope: Development of metro, suburban rail, multimodal transport, and connectivity infrastructure.
Impact: Strengthens regional mobility, enabling seamless last-mile connectivity and enhanced transit systems.
National Bank for Financing Infrastructure and Development (NaBFID):
Commitment: Rs 7,000 crore
Scope: Financing diverse infrastructure projects including transport, smart infrastructure, and urban services.
Impact: Promotes innovation in infrastructure financing and fosters resilient, future-ready development.
CM Fadnavis said, "We have made a monumental leap by securing nearly USD 50 billion from Indian financial institutions. This will set the foundation for our ambitious plans to develop world-class infrastructure in Mumbai and Maharashtra. We aim to raise the remaining USD 50 billion from global institutions to ensure long-term financial stability for Maharashtra's future."
Deputy Chief Minister Eknath Shinde termed it as an another step towards India's commitment to building world-class infrastructure.
He said, "This is a remarkable achievement, reflecting India's commitment to building world-class infrastructure with the strength and innovation of our public sector institutions. These credit lines will accelerate critical projects, enhance connectivity, create jobs, and improve quality of life across the region."
