Cash-strapped MSRDC says international agencies ready to fund infra projects

Jan 07, 2016, 15:07 IST | Ranjeet Jadhav

The corporation, which is implementing projects worth over Rs 10,000 crore, says banks from Japan, Malaysia, Germany, China and Dubai are interested in funding them

The cash-strapped Maharashtra State Road Development Corporation (MSRDC), which will be implementing infrastructure projects worth over R10,000 crore, may not have to worry about funds any longer as international banks including Japanese International Cooperation Agency (JICA), Malaysian banks, Chinese banks and even the Dubai International Bank have shown an interest in funding them.

Also read: No cash for Mumbai-Pune Expressway safety: MSRDC

The MSRDC owned Bandra-Worli sea link. The other projects it wants to implement include a Borivli to Thane tunnel. File pic
The MSRDC owned Bandra-Worli sea link. The other projects it wants to implement include a Borivli to Thane tunnel. File pic

“There are many funding agencies (international banks) which have shown keen interest in funding the MSRDC projects and once we get approval from the union ministry we will start the procedure,” said MSRDC Chairman R Mopalwar.

Sources told this newspaper that JICA which is already funding the Mumbai Trans Harbour Link project of MMRDA, has keen interest in funding MSRDC projects. A German bank has also shown keen interest in funding the projects.

MSRDC has approached the Department of Economic Affairs (DEA), union ministry, for getting permissions for the projects. Getting permission from DEA is important when any department from the state wants to borrow money from international funding agencies.

The authorities have already started preparing the proposal of the funds that it wants to borrow, and it is said that by November MSRDC wants to finalise the funding, and the model on which it would be implementing the projects. A senior MSRDC official said that as of now it does not have any plans to sell the plots it owns in Bandra or any other place, and as and when required, the decision to make use of these plots to raise funds will be taken.

MSRDC has already invited tenders for the preparation of a Detailed Project Report (DPR) for various projects which include a Borivli to Thane tunnel, Mumbai-Nagpur Communication Expressway, old Mumbai-Pune highway augmentation and elevated road project on Thane Ghodbunder Road. By October 31, the authorities plan to issue the work order for the projects.

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