WEB DESK
A consortium of banks led by StateBank of India has agreed to provide finance for Nagpur-Mumbai ‘SamruddhiCorridor’ expressway project. Bhushan Gagrani, Principal Secretary in the chief minister’s Office said, SBI has agreed to lend the highest amount, 8,500 crore rupees. Other lenders include Punjab National Bank, Bank of Baroda, Bank of Maharashtra as well as the Life Insurance Corporation (LIC) of India.
The estimated cost of the project, being constructed by the Maharashtra State Road Development Corporation, is around 50,000 crores, of which around26,000 crores are required for the construction of the expressway. The corridor will have 25 toll plazas, and the toll will be collected for 40 years.
The state government was falling short of 3,000 to 4,000 crores to reach the target of 26,000 crore rupees. The consortium of banks has agreed to share that shortfall too. It has solved the major issue of financial support.