The Maharashtra government is in talks with the Asian Development Bank (ADB) to raise funds for the Rs. 46,000 crore Nagpur-Mumbai ‘Samruddhi Corridor’ road project.
“We will need to raise funds to the extent of Rs. 27,000 crore which is the actual project cost. We plan to raise it from the market in the form of loan and the government has already approached ADB for raising the funds,” Maharashtra State Road Development Corporation (MSRDC) Vice Chairman and Managing Director Radheshyam Mopalwar said.
MSRDC is the implementing agency for the 706-km road project that will require 10,000 hectares. It has appointed SBI Capital to assist in fund-raising.
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, Mopalwar said.
Asked when the actual work is expected to begin, he said, “We are currently in the process of final alignment and acquiring of land. We expect that to be complete in two months. By February 2017, we feel we will be able to invite tenders and by May, we believe the actual civil work may begin. Our target is 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.