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Indian Express
02-07-2025
- Business
- Indian Express
PCMC showcases inclusive urban planning to civic officials from UP, Maharashtra
Senior officials from municipal corporations across Uttar Pradesh and Maharashtra visited Pimpri-Chinchwad on Wednesday as part of a technical exchange and study tour focused on sustainable urban mobility and inclusive infrastructure planning. Organised at the Auto Cluster auditorium in Chinchwad, the session served as a platform for in-depth dialogue and learning around non-motorised transport (NMT) planning, inclusive street design, and environment-friendly urban development. Addressing the gathering, Pimpri Chinchwad Municipal Commissioner Shekhar Singh underlined the need to reimagine roads not merely as conduits for vehicles, but as equitable, safe and accessible public spaces for all citizens. 'Urban road planning often focuses narrowly on easing congestion for vehicles, but roads must also serve pedestrians, cyclists, senior citizens, children, and persons with disabilities. A truly progressive city is one where streets are safe, inclusive and vibrant for every user,' Singh said. He emphasised that infrastructure interventions such as footpaths and widened roads are only part of the solution. Initiatives like Harit Setu and Urban Streetscape go beyond beautification—they are steps toward reclaiming public spaces for communities, encouraging walking, cycling, and active public life. Singh also highlighted the need for cities to explore new financial models for sustainable urban development. He cited PCMC's pioneering move of issuing Maharashtra's first Green Bond to raise Rs 200 crore, which is now being utilised for the Harit Setu project in the Pradhikaran area. 'Cities must see streets not just as engineering projects but as investments into public health, environmental quality, and future urban resilience,' Singh said. He further pointed out that concepts such as low emission zones are now gradually being implemented, and called on municipal bodies to actively pursue such transformative ideas. The officials were also taken on a study visit to various sites across the city to observe on-ground implementation of mobility and streetscape projects. These included traffic management systems on the Mumbai–Pune Highway, the PCCOE Patil Road, the pilot segment of Harit Setu, among others. At each location, the delegation received briefings on the planning rationale, technical design, and community impact of the projects. A comprehensive presentation was also delivered during the session, covering PCMC's Integrated Command and Control Centre, inclusive road planning strategies, non-motorised transport corridors, and the city's efforts to prioritise liveability and sustainability in urban design. The visit concluded with positive feedback from participating officials, who expressed appreciation for PCMC's long-term, people-first approach to urban infrastructure and its willingness to share best practices with peer cities. The visiting delegation included Gaurav Kumar, Commissioner of Lucknow Municipal Corporation; Sudhir Kumar, Commissioner of Kanpur Municipal Corporation; Jayendra Kumar, Commissioner of Ayodhya Municipal Corporation; Sipu Giri, Commissioner of Saharanpur Municipal Corporation; Arvind Kumar Srivastava, Deputy CEO of the Urban Road Development Department of Uttar Pradesh; and Pradeep Chaudhary, Additional Commissioner of Nashik Municipal Corporation. From PCMC, the session was attended by Chief Engineers Sanjay Kulkarni and Pramod Ombase; Joint City Engineer Bapusaheb Gaikwad; Deputy Commissioner Anna Bodade; Special Duty Officer Kiran Gaikwad; Assistant Commissioner Umesh Dhakane; Executive Engineers Sunil Pawar and Abhiman Bhosale; IT Officer Sudhir Borude; and Public Relations Officer Prafull Puranik.
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Business Standard
11-06-2025
- Business
- Business Standard
Pimpri Chinchwad is Maharashtra's 1st to list Green Municipal Bonds on BSE
In a major milestone for municipal climate financing in India, Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday successfully listed its Rs 200 crore Green Municipal Bonds on the Bombay Stock Exchange (BSE), becoming the first civic body in Maharashtra to raise funds exclusively for sustainable mobility urban projects through this route. The bell-ringing ceremony held at the BSE in Mumbai witnessed an enthusiastic turnout, with Maharashtra Chief Minister Devendra Fadnavis terming PCMC's achievement as a proud moment for the state. Highlighting the growing importance of using market instruments for sustainability projects in urban governance, Chief Minister Fadnavis noted, "As soon as the bond was issued, the base amount of Rs 100 crore was subscribed within the very first minute. This is not only a testament to the strength of PCMC's vision but also to the trust investors place in Maharashtra's governance. Prime Minister Narendra Modi has been consistently encouraging urban bodies to raise resources through municipal bonds, and PCMC has taken the lead in this direction. The listing process is complex and requires high levels of diligence--I congratulate every official, institution and partner involved in making this happen." Deputy Chief Ministers Eknath Shinde and Ajit Pawar were also present at the ceremony, which marked the official listing of the bonds, which were oversubscribed 5.13 times and received bids worth Rs 513 crore. These funds will be utilised for the Harit Setu project in Nigdi Pradhikaran and for the sustainable mobility development project from Gawalimatha to Indrayani Nagar Chowk on Telco Road - both key components of the city's long-term environment and climate strategy through the encouragement of the 15-Minute City Concept through Harit Setu. The project will also be amongst the first proof of concept of last- and first-mile connectivity for Metro Transport and BRTS Bus Transport through active mobility. PCMC Commissioner Shekhar Singh expressed gratitude to the investing community, stating, "This is more than just a financial accomplishment--it's a bold step toward building a greener, smarter, and more resilient Pimpri Chinchwad. The investor confidence shown today is a strong endorsement of our direction. We are committed to using these funds not just for infrastructure but to promote green and climate-aligned urban development." On this occasion, Chief Minister Fadnavis also felicitated Commissioner Shekhar Singh with a special listing memento presented on behalf of the Bombay Stock Exchange. Also present were MLCs Uma Khapre and Amit Gorkhe and MLAs Mahesh Landge and Shankar Jagtap, who lauded the city's initiative. Jagtap remarked that such financial tools could also be explored for broader social infrastructure in the future. Chief Secretary Sujata Saunik praised the move as a benchmark in urban innovation, saying, "The enthusiastic response from investors clearly reflects the credibility of public institutions like PCMC. As urbanisation accelerates, sustainable growth must remain our priority--and PCMC's move is a model worth replicating." Chief Secretary Sujata Sounik and senior officials including Urban Development Additional Chief Secretary UD-1 Aseem Gupta, Principal Secretary UD-2 KH Govindaraj, MCGM Commissioner Bhushan Gagrani, NMMC Commissioner Kailash Shinde, KDMC Commissioner Abhinav Goyal, Bhiwandi Commissioner Anmol Sagar, Ulhasnagar Commissioner Manisha Awhale and Panvel Commissioner Mangesh Chitale were present at the event, along with PCMC Additional Commissioners Pradip Jambhale Patil and Trupti Sandbhor, Chief Accounts and Finance Officer Pravin Jain, Joint City Engineer Bapusaheb Gaikwad, Deputy Commissioner Anna Bodade, Executive Engineer Sunil Pawar, and Public Relations Officer Prafulla Puranik. The Bombay Stock Exchange was represented by its Managing Director Sundararaman Ramamurthy, who congratulated PCMC and outlined BSE's role in facilitating municipal bond transactions. Aditi Mittal, Managing Director of AK Capital Services Ltd., the transaction's merchant banker and advisor, also attended the ceremony. The Green Bonds, rated AA+ by both CRISIL and CARE, carry a competitive interest rate of 7.85 per cent. Repayments are secured through an escrow account backed by PCMC's Property Tax collections. The civic body's strong fiscal discipline and its alignment with national green goals enabled it to secure Rs 20 crore as an incentive from the Government of India for successfully executing this bond issue. With this landmark moment, PCMC has not only unlocked an innovative funding mechanism but also demonstrated how climate finance can be mainstreamed into local governance--setting an example for other cities across India to follow.
Time of India
10-06-2025
- Business
- Time of India
PCMC's 200 crore green municipal bonds listed on BSE; CM and deputies attend ceremony in Mumbai
Pune: The Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday listed its Rs200 crore green municipal bonds on the Bombay Stock Exchange ( ) in Mumbai. The listing ceremony was attended by chief minister Devendra Fadnavis, deputy CMs Eknath Shinde and Ajit Pawar, and state chief secretary Sujata Saunik. Tired of too many ads? go ad free now PCMC has become the first civic body in Maharashtra to raise funds through green municipal bonds, and it is also the first municipal corporation in the country to issue green bonds exclusively for a sustainable mobility project. The funds raised through these bonds will be utilised for the 'Harit Setu' project in Nigdi Pradhikaran and for the sustainable mobility development project from Gawlimatha to Indrayani Nagar Chowk on Telco Road. Both promote non-motorised transport and sustainable development. Speaking at the event, Fadnavis stated that there was a very good response to the green bonds, and they were subscribed within a few minutes. "The strong investor response is a testament to the trust placed in Maharashtra govt and PCMC's governance," he said. He added that the infrastructure built using funds raised through these bonds will help boost sustainability in Pimpri Chinchwad. Last week, the bonds were floated via private placement on the BSE's Electronic Bidding Platform and attracted bids worth Rs513 Crore, oversubscribing the offer by 5.13 times. The bonds were issued at a coupon rate of 7.85% for a period of five years. PCMC commissioner Shekhar Singh said the decision to raise funds through green bonds was taken after past experience when the civic body raised Rs100 Crore through municipal bonds. Tired of too many ads? go ad free now "For some projects, the funding available from budgeting stretches up to five to six years due to limited resources with the civic body. We were thinking of ways to expedite our projects, and one such option was to have funds available for a two or three-year timeframe. That is where the idea of green bonds came up," he said. He said there has been increasing stress on financial resources that municipal corporations can allocate for different projects, and municipal bonds provide one such option where the civic bodies can leverage their financial strength. Singh said the Harit Setu project is a master plan for the city for the next 10-12 years, and it is a recognition of the fact that traffic congestion is not just about widening roads. "If we do not think of non-motorised or public transport options, I do not think we will be solving the traffic congestion," he said. The project has already won the Bloomberg Initiative for Cycle Infrastructure in 2023, and the civic body has also received a grant of USD 400 from the FICCI challenge for it. Pimpri Chinchwad was the only city from India and was among the nine global cities that won the FICCI award. Singh said that the corporation has also applied for a 25% grant for the Harit Setu project under the Urban Challenge Fund, a Central govt initiative introduced in this year's Union Budget. PCMC is set to become the first municipal body in the country to avail this assistance, having fulfilled the eligibility condition of raising over 50% of the total project cost through instruments like green bonds, he said. Pune: The Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday listed its Rs200 crore green municipal bonds on the Bombay Stock Exchange (BSE) in Mumbai. The listing ceremony was attended by chief minister Devendra Fadnavis, deputy CMs Eknath Shinde and Ajit Pawar, and state chief secretary Sujata Saunik. PCMC has become the first civic body in Maharashtra to raise funds through green municipal bonds, and it is also the first municipal corporation in the country to issue green bonds exclusively for a sustainable mobility project. The funds raised through these bonds will be utilised for the 'Harit Setu' project in Nigdi Pradhikaran and for the sustainable mobility development project from Gawlimatha to Indrayani Nagar Chowk on Telco Road. Both promote non-motorised transport and sustainable development. Speaking at the event, Fadnavis stated that there was a very good response to the green bonds, and they were subscribed within a few minutes. "The strong investor response is a testament to the trust placed in Maharashtra govt and PCMC's governance," he said. He added that the infrastructure built using funds raised through these bonds will help boost sustainability in Pimpri Chinchwad. Last week, the bonds were floated via private placement on the BSE's Electronic Bidding Platform and attracted bids worth Rs513 Crore, oversubscribing the offer by 5.13 times. The bonds were issued at a coupon rate of 7.85% for a period of five years. PCMC commissioner Shekhar Singh said the decision to raise funds through green bonds was taken after past experience when the civic body raised Rs100 Crore through municipal bonds. "For some projects, the funding available from budgeting stretches up to five to six years due to limited resources with the civic body. We were thinking of ways to expedite our projects, and one such option was to have funds available for a two or three-year timeframe. That is where the idea of green bonds came up," he said. He said there has been increasing stress on financial resources that municipal corporations can allocate for different projects, and municipal bonds provide one such option where the civic bodies can leverage their financial strength. Singh said the Harit Setu project is a master plan for the city for the next 10-12 years, and it is a recognition of the fact that traffic congestion is not just about widening roads. "If we do not think of non-motorised or public transport options, I do not think we will be solving the traffic congestion," he said. The project has already won the Bloomberg Initiative for Cycle Infrastructure in 2023, and the civic body has also received a grant of USD 400 from the FICCI challenge for it. Pimpri Chinchwad was the only city from India and was among the nine global cities that won the FICCI award. Singh said that the corporation has also applied for a 25% grant for the Harit Setu project under the Urban Challenge Fund, a Central govt initiative introduced in this year's Union Budget. PCMC is set to become the first municipal body in the country to avail this assistance, having fulfilled the eligibility condition of raising over 50% of the total project cost through instruments like green bonds, he said.
India Gazette
10-06-2025
- Business
- India Gazette
Pimpri Chinchwad makes history as Maharashtra's first civic body to list Green Municipal Bonds on BSE
Mumbai (Maharashtra) [India], June 11 (ANI): In a major milestone for municipal climate financing in India, Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday successfully listed its Rs 200 crore Green Municipal Bonds on the Bombay Stock Exchange (BSE), becoming the first civic body in Maharashtra to raise funds exclusively for sustainable mobility urban projects through this route. The bell-ringing ceremony held at the BSE in Mumbai witnessed an enthusiastic turnout, with Maharashtra Chief Minister Devendra Fadnavis terming PCMC's achievement as a proud moment for the state. Highlighting the growing importance of using market instruments for sustainability projects in urban governance, Chief Minister Fadnavis noted, 'As soon as the bond was issued, the base amount of Rs 100 crore was subscribed within the very first minute. This is not only a testament to the strength of PCMC's vision but also to the trust investors place in Maharashtra's governance. Prime Minister Narendra Modi has been consistently encouraging urban bodies to raise resources through municipal bonds, and PCMC has taken the lead in this direction. The listing process is complex and requires high levels of diligence--I congratulate every official, institution and partner involved in making this happen.' Deputy Chief Ministers Eknath Shinde and Ajit Pawar were also present at the ceremony, which marked the official listing of the bonds, which were oversubscribed 5.13 times and received bids worth Rs 513 crore. These funds will be utilised for the Harit Setu project in Nigdi Pradhikaran and for the sustainable mobility development project from Gawalimatha to Indrayani Nagar Chowk on Telco Road - both key components of the city's long-term environment and climate strategy through the encouragement of the 15-Minute City Concept through Harit Setu. The project will also be amongst the first proof of concept of last- and first-mile connectivity for Metro Transport and BRTS Bus Transport through active mobility. PCMC Commissioner Shekhar Singh expressed gratitude to the investing community, stating, 'This is more than just a financial accomplishment--it's a bold step toward building a greener, smarter, and more resilient Pimpri Chinchwad. The investor confidence shown today is a strong endorsement of our direction. We are committed to using these funds not just for infrastructure but to promote green and climate-aligned urban development.' On this occasion, Chief Minister Fadnavis also felicitated Commissioner Shekhar Singh with a special listing memento presented on behalf of the Bombay Stock Exchange. Also present were MLCs Uma Khapre and Amit Gorkhe and MLAs Mahesh Landge and Shankar Jagtap, who lauded the city's initiative. Jagtap remarked that such financial tools could also be explored for broader social infrastructure in the future. Chief Secretary Sujata Saunik praised the move as a benchmark in urban innovation, saying, 'The enthusiastic response from investors clearly reflects the credibility of public institutions like PCMC. As urbanisation accelerates, sustainable growth must remain our priority--and PCMC's move is a model worth replicating.' Chief Secretary Sujata Sounik and senior officials including Urban Development Additional Chief Secretary UD-1 Aseem Gupta, Principal Secretary UD-2 KH Govindaraj, MCGM Commissioner Bhushan Gagrani, NMMC Commissioner Kailash Shinde, KDMC Commissioner Abhinav Goyal, Bhiwandi Commissioner Anmol Sagar, Ulhasnagar Commissioner Manisha Awhale and Panvel Commissioner Mangesh Chitale were present at the event, along with PCMC Additional Commissioners Pradip Jambhale Patil and Trupti Sandbhor, Chief Accounts and Finance Officer Pravin Jain, Joint City Engineer Bapusaheb Gaikwad, Deputy Commissioner Anna Bodade, Executive Engineer Sunil Pawar, and Public Relations Officer Prafulla Puranik. The Bombay Stock Exchange was represented by its Managing Director Sundararaman Ramamurthy, who congratulated PCMC and outlined BSE's role in facilitating municipal bond transactions. Aditi Mittal, Managing Director of AK Capital Services Ltd., the transaction's merchant banker and advisor, also attended the ceremony. The Green Bonds, rated AA+ by both CRISIL and CARE, carry a competitive interest rate of 7.85 per cent. Repayments are secured through an escrow account backed by PCMC's Property Tax collections. The civic body's strong fiscal discipline and its alignment with national green goals enabled it to secure Rs 20 crore as an incentive from the Government of India for successfully executing this bond issue. With this landmark moment, PCMC has not only unlocked an innovative funding mechanism but also demonstrated how climate finance can be mainstreamed into local governance--setting an example for other cities across India to follow. (ANI)
Hindustan Times
10-06-2025
- Business
- Hindustan Times
Pimpri-Chinchwad becomes first civic body in Maharashtra to list green bond on BSE
The Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday made history by listing its ₹200-crore Green Municipal Bonds on the Bombay Stock Exchange (BSE), becoming the first civic body in Maharashtra to raise funds exclusively for sustainable urban mobility projects through this route. At a bell-ringing ceremony at the BSE in Mumbai, chief minister Devendra Fadnavis hailed the move as a proud moment for the state. 'The base amount of ₹100 crore was subscribed within the first minute of issue. This reflects not only the strength of PCMC's vision but also the trust investors place in Maharashtra's governance,' Fadnavis said, adding that Prime Minister Narendra Modi has long encouraged civic bodies to mobilise resources through municipal bonds. The bond issue, oversubscribed by 5.13 times with bids worth ₹513 crore, will fund two key projects: the Harit Setu in Nigdi-Pradhikaran and a sustainable mobility corridor from Gawalimatha to Indrayaninagar Chowk on Telco Road. The projects are part of PCMC's broader climate and mobility strategy under the 15-minute city concept and will support first and last-mile connectivity with metro and BRTS systems. Deputy chief ministers Eknath Shinde and Ajit Pawar also attended the ceremony. PCMC commissioner Shekhar Singh said the overwhelming investor response was 'a strong endorsement of our direction' and called the listing a bold step towards a greener, more resilient Pimpri-Chinchwad. Fadnavis also presented a special memento to Singh on behalf of the BSE to mark the occasion. Rated AA+ by credit rating agencies CRISIL and CARE, the green bonds carry an interest rate of 7.85%, with repayments secured through an escrow account backed by PCMC's property tax collections. The civic body's fiscal discipline and alignment with national green priorities also earned it a ₹20 crore incentive from the Government of India for successfully executing the issue. With the landmark listing, PCMC has not only pioneered a new funding mechanism but also provided a replicable model for integrating climate finance into local governance across India.
