M'rashtra-ADIA seals ₹46,000 cr Mumbai-Nagpur e-way deal

The Maharashtra government has recently sealed a funding deal with Abu Dhabi Investment Authority and Sovereign Funds to finance its Mumbai-Nagpur 8-lane super expressway project entailing a total investment of ₹46,000 crore, said sources, claiming that chief minister Devendra Fadnavis, during his recent visit to the UAE, had apparently managed to convince the authorities there to invest in the project. The development comes as a big boost because the project will be a 'game changer' that could catapult Maharashtra over other states. The state has planned a number of Industrial hubs across the 710-km expressway and of the total project cost, the state needed ₹30,000 crore and rest of the money is to come from the equity of Maharashtra State Road Transport Development Corporation (MSRTDC). The South Korean government has already committed to invest only ₹3,700 crore in the project and the state is turning to Indian banks for generating remaining portion of funds. For starting the construction work on the mega road project, more than 80% of the land has been acquired.