A consortium of banks led by State Bank of India has agreed to provide finance for Chief Minister Devendra Fadnavis' pet Nagpur-Mumbai `Samruddhi Corridor' expressway project, a top official said Wednesday.
SBI has agreed to lend the highest amount, Rs 8,500 crore, said Bhushan Gagrani, principal secretary in the Chief Minister's Office.
"Other lenders include Punjab National Bank, Bank of Baroda, Bank of Maharashtra as well as the Life Insurance Corporation (LIC) of India," he said.
The estimated cost of the project, being constructed by the Maharashtra State Road Development Corporation, is around Rs 50,000 crore, of which around Rs 26,000 crore are required for the construction of the expressway.
"We were falling short of Rs 3,000-4,000 crore to reach the target of Rs 26,000 crore. The consortium of banks has agreed to share that shortfall too. It has solved the major issue of financial support," Gagrani said.
He added that banks believe in the financial viability of the project. Almost 95 per cent of the land acquisition is complete, Gagrani added.
Acquisition in some stretches in Amravati and Aurangabad regions is yet to be done.
The corridor will have 25 toll plazas, and the toll will be collected for 40 years.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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