Devendra Fadnavis to visit South Korea, seek funds for Samruddhi corridor

The state government is keen to attract maximum funds for the project through foreign investments at low interest rates over 30-35 years.

Written by Shubhangi Khapre | Mumbai | Published:September 16, 2017 3:19 am
Samruddhi corridor, Devendra Fadnavis, Devendra Fadnavis South Korea, Maharashtra news, Indian Express News The CM’s visit to South Korea is part of the exercise to attract investments for the infrastructure sector in the state.

Chief Minister Devendra Fadnavis will embark on a two-day visit to South Korea beginning September 26 to tap investment for the Nagpur-Mumbai Supercommunication Expressway, also known as the Samruddhi Mahamarg.

The state government is keen to attract maximum funds for the project through foreign investments at low interest rates over 30-35 years. A delegation led by Fadnavis will make a presentation on the eight-lane, 706-km expressway in South Korea, which has expressed its keenness to invest in infrastructure projects in Maharashtra.

A higher compensation package in direct cash for land acquisition has led to cost escalation of the project from Rs 37,834 crore to Rs 46,000 crore. While CIDCO has provided Rs 1,000 crore, funds through SRA, MHADA and MIDC works out to another Rs 5,000 crore. “The positive response to the project will help us complete the land acquisition process by December 2017,” said Bhushan Gagrani, CIDCO MD in charge of Samruddhi Mahamarg.

Apart from boosting connectivity, the project, likely to be completed in four years, will boost agro-industries and allied sectors in 24 districts. The state government, in a report, has said the Nagpur-Mumbai Supercommunication Expressway was going to be a unique development model, not only improving connectivity but also helping break the rural-urban divide through an economic corridor. It will also help farmers across the 24 districts and strengthen the farm network through a value-added chain to process their produce.

The greenfield project will be on a new alignment along Nagpur, Butibori, Karanja, Malegaon, Mehekar, Jalna, Aurangabad, Sinnar, Ghoti, Thane and Mumbai. The state government has received proposals from several countries, expressing willingness to invest in infrastructure projects in Maharashtra. The CM’s visit to South Korea is part of the exercise to attract investments for the infrastructure sector in the state.

Japan’s nod to give Rs 30,000 crore in loan at 0.5 per cent interest rate for two mega projects — the Metro and Mumbai Trans Harbour Link — has given a boost to the infrastructure sector in the state.

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