Mumbai-Nagpur corridor to get Rs 3,500 cr capital infusion from state govt

The Maharashtra government on Wednesday decided to provide additional share capital of Rs 3,500 crore for the Mumbai-Nagpur Samruddhi Corridor and waive stamp duty on MoUs between agencies working on this expressway project.

The decision was taken at a cabinet meeting chaired by Chief Minister Uddhav Thackeray here.

Share capital of Rs 3,500 crore will be infused in addition to the existing capital of Rs 27,335 crore, which is in the form of Rs 3,500 crore from Maharashtra State Road Road Corporation (MSRDC), Rs 5,500 crore from state PSUs, waiver of royalty on minor minerals at Rs 2,414 crore, interest on loans during the construction period at Rs 6,396 crore and the cost of land at Rs 9,525 crore.

A statement released by the Chief Minister's Office said the additional share capital will reduce the debt burden of the project by Rs 2,500 crore.

It will also remove the need to provide a guarantee for a loan of Rs 16,500 crore.

The cabinet also approved changes in the financial plan of the project.

The revised cost of the project is Rs 55,335 crore, and a loan of Rs 24,500 crore was approved for the special purpose vehicle Nagpur Mumbai Super Communication Expressway.

The cabinet also decided to waive stamp duty on MoUs between various agencies involved in the project.

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