The Nashik Municipal Corporation (NMC) is set to raise ₹1,400 crore to finance key infrastructure projects, including sewage, water supply, and road works, while also preparing for the upcoming Kumbh Mela.
The civic body has submitted a proposal to the state’s urban development department seeking approval to raise funds through a combination of municipal and green bonds, along with loans from the Asian Development Bank (ADB). The move follows positive credit ratings from Crisil and India Ratings and Research.
Of the total amount, Nashik Municipal Corporation plans to raise ₹400 crore through municipal and green bonds and secure the remaining ₹1,000 crore from ADB loans. Officials said the process of issuing bonds and initiating the loan would begin once approval is granted.
“This credit rating is essential to raise funds through municipal bonds, green bonds, and loans,” an NMC official noted. The funds will be directed towards a citywide sewerage network for 100% sewage collection and treatment, stormwater line projects, flood mitigation works, and other infrastructure upgrades.
As part of its financial planning, the civic body is preparing to contribute 20% of the Kumbh Mela expenditure approved by the state government. During the 2015 Kumbh Mela, the state had cleared a ₹1,050 crore plan, with NMC contributing about one-fifth. This time, the administration has prepared a ₹15,000 crore plan for the mega event, which is under consideration by the government. So far, the Nashik-Trimbakeshwar Kumbh Mela Authority has sanctioned ₹3,277.58 crore.
NMC officials added that the initial goal is to raise ₹200 crore each from municipal and green bonds by the end of the current financial year, with ₹1,000 crore expected through ADB loans early in the next financial year.
