The Nashik Municipal Corporation (NMC) in Maharashtra plans to issue bonds worth Rs 400 crore ($48 million) to fund its 25% share of infrastructure projects for the Simhastha Kumbh Mela 2027.
The issue will include Rs 200 crore in Clean Godavari Municipal Bonds for sewage treatment and another Rs 200 crore in Green Bonds for water supply schemes, Municipal Commissioner Manisha Khatri told reporters. The Clean Godavari bonds are expected to be launched by the end of November.
“The proceeds will be used for sewage treatment plants to maintain the cleanliness of the Godavari River and the Ramkund area,” Khatri said. “By raising capital through this route, the corporation will receive incentives worth about Rs 76 crore per bond under the AMRUT and Urban Challenge Fund, effectively making the borrowing interest-free.”
The civic body plans to use public-private partnerships for projects such as truck terminals and exhibition centres.
Nashik has proposed a Rs 15,000 crore development plan for the 2027 Kumbh Mela and must contribute roughly Rs 1,000 crore towards its share, Khatri said, adding that the city had borrowed Rs 350 crore for the previous edition of the festival.
Chief Minister Devendra Fadnavis earlier directed officials to complete all infrastructure work for the Nashik-Trimbakeshwar Simhastha Kumbh Mela with “speed and quality,” including the construction of a new ring road, land acquisition for the Sadhu Village, and sewage management systems.
He said water in the Ramkund and Godavari River must remain clean during the event and asked for faster development of facilities at airports and railway stations. Fadnavis also called for a centralised CCTV network, AI-based monitoring, and priority accommodation arrangements for police personnel.
IANS
