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  • SBI, other banks agree to finance Nagpur-Mumbai Samruddhi Corridor

    Published on January 17, 2019

    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 ChiefMinister’s Office said, SBI has agreed to lend the highest amount, 8,500 crorerupees. Other lenders include Punjab National Bank, Bank of Baroda, Bank ofMaharashtra as well as the Life Insurance Corporation (LIC) of India.

    The estimated cost of the project, being constructed by the MaharashtraState Road Development Corporation, is around 50,000 crores, of which around26,000 crores are required for the construction of the expressway. The corridorwill 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 reachthe target of 26,000 crore rupees. The consortium of banks has agreed to sharethat shortfall too. It has solved the major issue of financial support.

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