• Source:IANS
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In a significant move to bolster Mumbai’s transport infrastructure, the Maharashtra Cabinet chaired by Chief Minister Eknath Shinde, sanctioned an unconditional government guarantee for a substantial loan of Rs 24,000 crore. This loan, earmarked for the Mumbai Metropolitan Region Development Authority (MMRDA), is intended for the advancement of numerous transport infrastructure ventures.

The Cabinet's decision also encompasses a waiver of the guarantee fee for MMRDA and authorises the signing of requisite loan agreements with financial institutions. Previously, the Urban Development Department had approved a loan of Rs 60,000 crore for MMRDA to finance various infrastructure projects.

Further, the Cabinet has endorsed government guarantees for loans amounting to Rs 12,000 crore each from REC Ltd and PFCL. REC Ltd has already sanctioned a loan of Rs 30,593 crore for the Metro 8 corridor, with a government guarantee of Rs 12,000 crore. An additional tranche of Rs 120,000 crore from REC Ltd has now received a government guarantee.

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PFCL had approved a loan of Rs 50,301 crore for the construction of the Orange Gate freeway, the Marine Drive tunnel up to the coastal road, and 25 other infrastructure projects. The Cabinet has now guaranteed Rs 12,000 crore of this loan.

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These approvals are part of the government’s broader initiative to enhance transportation within the Mumbai Metropolitan Region (MMR), which includes the development of the Metro network, the Mumbai Trans Harbour Link, the Mono rail, and other significant projects. Out of 14 planned Metro lines, 11 are currently being developed by MMRDA, along with the construction of roads, bridges and flyovers.

(With IANS Inputs)