Latest news with #GandhinagarMunicipalCorporation
India Today
5 days ago
- Business
- India Today
What municipal bond market foray means for Gandhinagar's future
Gujarat capital Gandhinagar has cautiously attempted a leap into the municipal bond market with a modest issue size of Rs 25 crore, but it was pleasantly surprised when oversubscribed nine times to Rs 225 crore in just one minute on the National Stock Exchange Gandhinagar Municipal Corporation (GMC) has become the 17th municipal corporation in the country to issue municipal bonds, and the fifth in Gujarat. The city got a municipal corporation 15 years municipal bond market of 17 cities totals to Rs 3,359 crore, of which Gujarat's five cities make up Rs 925 crore, a little under a third of the total value. Gujarat has been among the frontrunners in availing financing through municipal bonds, with the highest number of cities opting for early, yet modest, leap into the municipal bond market is explained by GMC commissioner J.N. Vaghela. 'This is an infrastructure bond issued with the explicit purpose of developing a high street road of six km between Raksha Shakti Circle and GIFT City. In the near future, we are planning for this stretch to develop as the hub of activity as part of the planned city development,' Vaghela told INDIA TODAY. The GMC received investment from retail investors, foreign institutional investors (FIIs) and several public sector undertakings. 'Bonds are a very nimble instrument to raise money. The US's city bond market is worth $3.5 trillion, while India's, with 8,000 municipal corporations, is just $500 million. Only 37 Indian cities have credit rating. I believe in the next 3-5 years, at least 500 Indian cities should work to get credit ratings,' says Keshav Verma, chairman of the high-level committee on urban planning appointed by the Union ministry of housing and urban was designed as a planned city on the banks of the Sabarmati river by French architect Le Corbusier, along with Chandigarh, in the 1950s. Its planned development continues seven decades later as it is metamorphosing from a sleepy retirement haven for state government employees to a vibrant metropolis of international business and premium education population went up from 24,055 in 1971 to an estimated 250,000 in 2024, and this number is projected to increase at least four fold over the next decade. Gandhinagar's urban area has expanded from 56 sq km in the seventies to 388 sq km presently, including the region covered by the GMC and the Gandhinagar Urban Development Authority (GUDA).Since 2001, when Narendra Modi took over as chief minister of the state, the city has hosted the biannual Vibrant Gujarat Global Summit, which brought attention to the once-sleepy town with an infusion of business visitors and the beginnings of the hospitality industry. The establishment of educational institutions, such as the National Institute of Design, the Dhirubhai Ambani Institute of Information and Communication Technology and the Pandit Deendayal Energy University, further acted as boosters. GIFT City on the eastern banks of the Sabarmati put Gandhinagar on the global the political patronage of its Lok Sabha MP and former deputy prime minister L.K. Advani till 2019, and incumbent Union home minister Amit Shah, the city is now being developed as a seamless urban agglomerate with Ahmedabad. The expanded metropolis is soon expected to have a joint urban local body for ease of administration. The much-touted Sabarmati Riverfront will extend up to GIFT City in another three latest data of the National Housing Board's (NHB) Residential Index (Residex), comparing prices between 2018 and 2024, revealed that the price per sq feet of a built-up property has more than doubled, a feat not matched by any other city in the country under the NHB's study for the period. Yet the true import of being Gandhinagar is in the promise of the future as its development is undertaken with the aspiration to host the Summer Olympics in 2036 with twin city the past two years, GMC has undertaken rigorous external audits and achieved CARE (AA) and CRISIL (AA-/Stable) credit ratings. 'Over the past five years, there has been a steady rise in budgetary allocation from the state government to GMC, resulting in its good financial health. We are now looking to become self-sustainable,' Vaghela said the issuance of bonds was to test market sentiment by the GMC, necessitated as it is a small and relatively young urban local body. 'The response has given confidence to administrators working on a major Green Bond issue in the near future,' the source to India Today Magazine- Ends
Time of India
25-06-2025
- Business
- Time of India
Gujarat chief minister lists Gandhinagar Municipal Corporation bonds on NSE
Gandhinagar: Chief minister Bhupendra Patel listed municipal bonds of the Gandhinagar Municipal Corporation (GMC) worth Rs 25 crore on the National Stock Exchange (NSE) at GIFT City by ringing the ceremonial bell on Wednesday. Gandhinagar has become the fifth municipal corporation in Gujarat to issue municipal bonds, joining Ahmedabad, Surat, Vadodara, and Rajkot. An official statement said that GMC became the first in the state to issue municipal bonds within just 15 years of its establishment. Sriram Krishnan, chief business development officer of NSE, said that 17 municipal corporations across the country issued bonds worth Rs 3,359 crore so far. Of this, Gujarat made a notable contribution by issuing bonds worth Rs 925 crore, accounting for 27% of the total. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad
Time of India
25-06-2025
- Business
- Time of India
Gandhinagar Municipal Corporation's Rs 25 crore bonds list on NSE
Gandhinagar Municipal Corporation (GMC) on Wednesday announced the listing of its maiden municipal bonds worth Rs 25 crore on the National Stock Exchange . The bond issue received an overwhelming response from investors, garnering bids worth Rs 225 crore -- nine times the issue size during the one-hour subscription window on NSE, the corporation said in a statement. The civic body becomes the fifth urban local body in Gujarat after Ahmedabad, Surat, Vadodara and Rajkot and the 17th in the country to issue municipal bonds. Bonds Corner Powered By Gandhinagar Municipal Corporation's Rs 25 crore bonds list on NSE Gandhinagar Municipal Corporation (GMC) on Wednesday announced the listing of its maiden municipal bonds worth Rs 25 crore on the National Stock Exchange. IFSCA unveils framework for ESG-linked transition bonds at GIFT City India's 5-year bond yield leads rise on RBI's cash withdrawal plan Indian bonds jump as traders lap up debt after Israel-Iran ceasefire De-escalation of Iran-Israel conflict pushes oil down, aids India bond bulls Browse all Bonds News with Established in 2010, GMC is also the youngest ULB in the country to do so. The bonds carry a coupon rate of 7.65 per cent, it added. "Today, as Gujarat celebrates 20 years of progressive urban transformation, the state government observes the year 2025 as the 'Year of Urban Development', this milestone has become a proud moment for Gujarat," Gujarat Chief Minister Bhupendra Patel said.
The Hindu
21-06-2025
- Business
- The Hindu
Gandhinagar civic body's maiden municipal bond issue oversubscribed 9 times
Gandhinagar Municipal Corporation's (GMC) debut municipal bond issue received an overwhelming response from investors, being oversubscribed nine times, marking a historic financial milestone. The ₹25-crore bond offering garnered bids worth ₹225 crore in just one hour during the subscription window on the National Stock Exchange, reflecting strong investor confidence in the civic body's financial credentials, the corporation said in a statement. The bonds, carrying a coupon rate of 7.65%, have positioned Gandhinagar on the national map for urban financial innovations, it said. The ₹25 crore raised will be used for the development of iconic and citizen-friendly infrastructure, enhancing traffic efficiency and commuter convenience, it added. With this, GMC has become the youngest municipal corporation in the country to successfully tap the bond market. It is also the fifth urban local body in Gujarat after Ahmedabad, Surat, Vadodara, and Rajkot and the 17th in India to raise funds through municipal bonds. In addition, Gandhinagar is expected to receive around ₹3.25 crore in interest subsidy under the AMRUT scheme, further amplifying the impact of the raised capital.
Hans India
18-05-2025
- Business
- Hans India
Strong cooperative structure vital for national progress, says Amit Shah
Union Home Minister and Gandhinagar Member of Parliament Amit Shah addressed the Gujarat State Cooperative Union's Summit in Ahmedabad on Sunday, where he emphasised the crucial role of cooperation in India's development journey. He highlighted the importance of both the "science of cooperation" and the "science in cooperation", underlining that cooperative synergy is essential for the sector's growth. HM Shah stressed that cooperation among cooperatives -- whether in dairy, banking, housing, or agriculture -- is vital for mutual benefit and progress. According to him, 'to become a developed nation, a strong cooperative structure significantly contributes to national progress, and India must follow suit by integrating modern practices into its cooperative framework.' In his address, the Home Minister pointed out that changes and technological advancements in the cooperative sector will only be meaningful when they reach the grassroots, particularly the farmers. "Until these innovations and systems benefit farmers directly, they cannot be considered truly effective," he stated. He also called for greater transparency across cooperative institutions to ensure accountability and enhance trust among stakeholders. Transparency, he said, is not optional but necessary for the cooperative model to sustain and flourish. Highlighting Gujarat as a testing ground for innovative cooperative models, HM Shah revealed that cooperatives in the state are being empowered to manufacture machinery and equipment for producing dairy products such as ice cream, paneer, and cheese. 'Machines and equipment to make ice cream, cheese, paneer -- everything will be built within cooperatives. We are already trying it in Gujarat,' he shared, reflecting the government's push towards self-reliance through local production ecosystems. The Union Minister further elaborated on the need for interlinking different sectors within the cooperative system. He emphasised that dairy cooperatives must coordinate with cooperative banks, and cooperative housing societies must engage with other cooperative institutions. This kind of integrated approach, he said, would lead to shared success and long-term sustainability. Amit Shah also inaugurated and laid the foundation stone for various development projects across Gandhinagar city and district, worth more than Rs 708 crore. The Gandhinagar Municipal Corporation led the initiative with the inauguration of civic and infrastructure projects valued at Rs 200.94 crore, while new works amounting to Rs 352.76 crore had their foundation stones laid. The Gandhinagar District Administration contributed projects worth Rs 45.70 crore, and the Gandhinagar Urban Development Authority (GUDA) initiated additional works valued at Rs 107.85 crore. Among the notable projects inaugurated were RCC and CC roads in the villages of Basan, Palaj, and Por, totalling Rs 8.91 crore. Primary Health Centres were inaugurated at Vavol and Pethapur for Rs 5.43 crore, and landscaping works along the CH-0 to GH-0 corridor were completed for Rs 4.68 crore. The broader development package also included the installation of sewerage and drainage pipelines in areas like Borij and Kolavada, town planning development works amounting to Rs 75.08 crore, and the establishment of a Rs 30.97 crore sewage treatment plant at Bhat. Additionally, a new road underpass between Sectors 21 and 22 was initiated, with an investment of Rs 16.45 crore.
