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BANK OF MAHARASHTRA LTD (MAHABANK)

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Bank of Maharashtra : State nod sought to mortgage civic properties to raise Rs 260-crore loan

04/17/2015 | 11:25am US/Eastern

NASHIK: The civic body has sought the state government's consent for mortgaging its properties to obtain Rs 260 crore loan from the Bank of Maharashtra to fund various Kumbh Mela projects.

The Nashik Municipal Corporation (NMC) will raise the amount through loans from the bank, once it gets the government's approval. The NMC has already identified the list of 18 properties to mortgage and submitted it to the bank.

The state government has approved a Rs 1,119.29-crore Kumbh Mela plan for the municipal corporation, which includes Rs 200 crore for land acquisition for projects such as roads. The government has agreed to provide Kumbh funds amounting to Rs 689 crore, while the rest has to be raised by the municipal corporation.

A senior NMC official said, "The state government has approved raising Rs 260 crore through loans for Kumbh projects from the Bank of Maharashtra. We have decided to mortgage our properties to get the loan from the bank. The properties for mortgage have also been identified and its list has been submitted to the Bank of Maharashtra. But we need the state government's consent to mortgage the properties. We sent a letter to the state government on March 18, seeking its consent. We expect the approval within a couple of weeks."

He added, "The interest rate for the loan has been fixed at 10.40% for a period of 15 years. We will start obtaining loan from the bank once we get the government consent."

The Kumbh Mela will start from July 14 this year and conclude on August 11 in 2016.

(c) 2015 Bennett, Coleman & Company Limited, source Newspapers

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