MH-SAMRUDDHI-BANKS

SBI, other banks agree to finance Samruddhi Corridor
    Mumbai, Jan 16 (PTI) A consortium of banks led by
State Bank of India has agreed to provide finance for Chief
Minister Devendra Fadnavis' pet Nagpur-Mumbai `Samruddhi
Corridor' expressway project, a top official said Wednesday.
    SBI has agreed to lend the highest amount, Rs 8,500
crore, said Bhushan Gagrani, principal secretary in the Chief
Minister's Office.
    "Other lenders include Punjab National Bank, Bank of
Baroda, Bank of Maharashtra as well as the Life Insurance
Corporation (LIC) of India," he said.
    The estimated cost of the project, being constructed
by the Maharashtra State Road Development Corporation, is
around Rs 50,000 crore, of which around Rs 26,000 crore are
required for the construction of the expressway.
    "We were falling short of Rs 3,000-4,000 crore to
reach the target of Rs 26,000 crore. The consortium of banks
has agreed to share that shortfall too. It has solved the
major issue of financial support," Gagrani said.
    He added that banks believe in the financial viability
of the project. Almost 95 per cent of the land acquisition is
complete, Gagrani added.
    Acquisition in some stretches in Amravati and
Aurangabad regions is yet to be done.
    The corridor will have 25 toll plazas, and the toll
will be collected for 40 years. PTI MM
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