MMRDA Secures $4.07 Lakh Crore Credit for Mumbai Infrastructure
Mumbai Metropolitan Region Development Authority (MMRDA) has been able to procure non-binding lines of credit amounting to ₹4.07 lakh crore (around $48 billion) from various top Indian financial institutions, according to the Economic Times.
The partners in financing are the Rural Electrification Corporation (REC), Power Finance Corporation (PFC) , Housing and Urban Development Corporation (HUDCO), Indian Railway Finance Corporation (IRFC) , and the National Bank for Financing Infrastructure and Development (NaBFID) .
These long term lines of credit are to be used to finance transformative projects in transport, housing, energy, and smart urban services.
Chief Minister Devendra Fadnavis welcomed this progress as an important milestone. "In February 2025, we boldly committed to mobilizing $100 billion of investment to finance pioneering infrastructure projects. As we try to make Mumbai and Maharashtra an international destination, world-class infrastructure backed by low-cost, long-term funding is essential. We have made an important step in securing almost $50 billion funding from Indian institutions today," he said.
Deputy Chief Minister and MMRDA Chief Eknath Shinde emphasized the emphasis on self-dependent development and stated, "Maharashtra, in the form of MMRDA, is creating a benchmark for self-reliant and inclusive growth. These historic lines of credit reflect our dedication towards infrastructure driven development." infrastructure driven development."
HUDCO has earmarked ₹1.5 lakh crore for affordable housing and urban amenities, and REC and PFC have also committed ₹1 lakh crore each to energy efficient transportation and integrated infrastructure. IRFC will further commit ₹50,000 crore for metro and suburban rail connectivity, and NaBFID will contribute ₹7,000 crore for innovation-driven development.
The money will be deployed under a 20:80 equity debt ratio, allowing MMRDA to implement large scale, bankable projects in an efficient and financially prudent manner.
The Authority's vision is to make the Mumbai Metropolitan Region a $300 billion economy by 2030, generating more than 3 million jobs and contributing to Maharashtra's $1 trillion and India's $5 trillion economic vision.
The partners in financing are the Rural Electrification Corporation (REC), Power Finance Corporation (PFC) , Housing and Urban Development Corporation (HUDCO), Indian Railway Finance Corporation (IRFC) , and the National Bank for Financing Infrastructure and Development (NaBFID) .
These long term lines of credit are to be used to finance transformative projects in transport, housing, energy, and smart urban services.
Chief Minister Devendra Fadnavis welcomed this progress as an important milestone. "In February 2025, we boldly committed to mobilizing $100 billion of investment to finance pioneering infrastructure projects. As we try to make Mumbai and Maharashtra an international destination, world-class infrastructure backed by low-cost, long-term funding is essential. We have made an important step in securing almost $50 billion funding from Indian institutions today," he said.
Deputy Chief Minister and MMRDA Chief Eknath Shinde emphasized the emphasis on self-dependent development and stated, "Maharashtra, in the form of MMRDA, is creating a benchmark for self-reliant and inclusive growth. These historic lines of credit reflect our dedication towards infrastructure driven development." infrastructure driven development."
HUDCO has earmarked ₹1.5 lakh crore for affordable housing and urban amenities, and REC and PFC have also committed ₹1 lakh crore each to energy efficient transportation and integrated infrastructure. IRFC will further commit ₹50,000 crore for metro and suburban rail connectivity, and NaBFID will contribute ₹7,000 crore for innovation-driven development.
The money will be deployed under a 20:80 equity debt ratio, allowing MMRDA to implement large scale, bankable projects in an efficient and financially prudent manner.
The Authority's vision is to make the Mumbai Metropolitan Region a $300 billion economy by 2030, generating more than 3 million jobs and contributing to Maharashtra's $1 trillion and India's $5 trillion economic vision.
