NMC to raise 500cr through loans for Kumbh
The civic body has prepared plans worth Rs15,000 crore for the Mela, but state govt is yet to approve it.
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During the previous Kumbh Mela in 2015, the NMC had raised Rs200 crore through loans as part of its 20% share of the total Rs1,050 crore plan approved by state govt. NMC had mortgaged its properties while obtaining the loan for the Mela.
"We are yet to decide the exact loan we will obtain from the nationalised banks. We are planning to appoint senior officials from the public sector banks as advisors who will help the civic body to raise funds through loans," an NMC official said while talking to TOI.
The major three Amrit Snans (holy bath) will take place in Aug and Sept in 2027.
The civic body needs to immediately undertake major works, which require around two years.
The civic body is also in the process of starting works for land acquisition of Sadhugram, construction of bridges, construction of the new Sewage Treatment Plants (STPs) and sewage network, and other works.
In the first phase, the civic body will undertake the Kumbh Mela works, which are all worth Rs7,779 crore, out of which around Rs4,000 crore are to be spent by March 2026.
The civic body has already sent a letter to state govt, requesting disbursal of Rs4,000 crore which are to be spent by March 2026.
The civic administration is also mulling to raise at least Rs100 crore through green municipal bonds.
This is in line with the Pimpri Chinchwad Municipal Corporation (PCMC) that raised Rs200 crore through green municipal bonds last month.
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