Smart City Company Eyes ₹100 Crore Loan For MOG Line Development In Indore
· Free Press Journal
Indore (Madhya Pradesh): The Indore Municipal Corporation’s Smart City Company has started preparations to raise a loan of up to Rs 100 crore to fund development works under the MOG Lines project.
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Smart City Company CEO Ardh Jain said the project has been taken up as a redevelopment initiative, with work progressing on one side while efforts are also underway to sell part of the project land.
According to officials, the company currently requires additional funds to complete the project and has approached financial institutions for an interest-bearing loan.
The proposed borrowing is expected to be in the range of Rs 50 crore to Rs 100 crore, with the amount to be used for project-related expenditure.
Meanwhile, around Rs 20 crore is required to complete the stalled Kala Sankul project on MG Road. The Indore Development Authority has sought a grant from the state government for the work.
The Smart City Company had earlier sought a Rs 100-crore loan, which was approved by the State Bank of India. However, the sanctioned amount was not availed, causing the proposal to lapse. The company has now begun efforts to secure the loan afresh.
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