Mumbai Metropolitan Region Development Authority on Tuesday signed memoranda of understanding worth Rs 4.07 lakh crore with Housing & Urban Development Corp., REC Ltd., Indian Railways Finance Corp. and National Bank for Financing Infrastructure and Development to fund infrastructure projects across the region.
The agreements were signed at the IGF Mumbai NXT 25 event organised by India Global Forum in Mumbai, in the presence of Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis.
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As part of the MoUs, HUDCO will explore and provide up to Rs 1.5 lakh crore in funding over five years for infrastructure development in the Mumbai Metropolitan Region, the company said in a separate statement, adding that it will also extend consultancy services and support capacity building to meet the evolving needs of MMRDA.
REC and Power Finance Corp. have each committed Rs 1 lakh crore to MMRDA projects. IRFC signed an MoU worth Rs 50,000 crore, while NaBFID committed Rs 7,000 crore.
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