The government of Maharashtra has achieved financial closure for Nagpur-Mumbai Super Communication Expressway also known as Samruddhi Corridor project worth Rs 55,477 crore. The Maharashtra State Road Development Corporation (MSRDC) has received a total of around Rs 28,000 crore in loan from various financial institutions.
The Nagpur-Mumbai Super Communication Expressway will connect Mumbai with Nagpur. The six-lane, 800 km long project passes through 10 districts and provides fast-track connectivity to another 14 through six-lane connecting ways.
The road will also provide connectivity to the Western Corridor and the Golden Quadrilateral. Of the Rs 55,477 crore of the project cost, Rs 27,477 crore will be invested by the state government as MSRDC share and Rs 28,000 crore raised through loans.
Key lenders for the project are – State Bank of India Rs 8,000 crore; Canara Bank Rs 4,000 crore; Life Insurance Corporation of India Rs 4,000 crore; Housing and Urban Development Corporation Rs 2,550 crore; Bank of India Rs 1,700 crore; Union Bank Rs 1,700 crore; Bank of Baroda Rs 1,500 crore; AndhraBank Rs 1,500 crore; IIFCL Rs 1,300 crore; Indian Bank Rs 750 crore; Bank of Maharashtra Rs 500 crore; and Syndicate Bank Rs 500 crore.
The project is being implemented through Nagpur-Mumbai Super Communication Expressway– a special purpose vehicle (SPV). The six-lane road will be 120 mtr wide and allow vehicles to ply at a speed of 150 kmph. The road will pass through 392 villages of 26 talukas in 10 districts, and also connect 14 districts indirectly to Mumbai through 20 agri-prosperity centres.
While the greenfield project is expected to cut down the east-west travel time in the state to almost half, the connectivity to port is expected to change agri-business dynamics of the state.