MSRDC to raise funds for Mumbai-Nagpur expressway project

The Maharashtra State Road Development Corporation (MSRDC) has unveiled plans to raise funds worth Rs 267 billion for the Mumbai-Nagpur Communication Expressway project. While the Asian Development Bank (ADB) is expected to provide Rs 137.5 billion, the rest will be raised through the domestic market. Currently, the MSRDC has roped in SBI Caps to raise funds and has sought the state government’s approval for approaching ADB for the long-term loan. The project entails the construction of a communication expressway from Nagpur to Mumbai. The project is scheduled to be completed by October 2019 at an estimated cost of Rs 460 billion.