Smart City Company Eyes ₹100 Crore Loan For MOG Line Development In Indore
Indore (Madhya Pradesh): The Indore Municipal Corporation’s Smart City Company has started preparations to raise a loan of up to Rs 100 crore to fund development works under the MOG Lines project. Smart City Company CEO Ardh Jain said the project has been taken up as a redevelopment initiative, with work progressing on one side while efforts are also underway to sell part of the project land.…
Indore Municipal Corporation's Smart City Company is gearing up to seek a loan of up to ₹100 crore to support the development of the MOG Lines project, according to CEO Ardh Jain. The project serves as a redevelopment initiative, with construction underway on one side while efforts are simultaneously made to sell portions of the project land.
Financial institutions have been approached for an interest-bearing loan, as the company currently needs additional funds to finish the project, with the borrowing estimated to be between ₹50 crore and ₹100 crore. This sum will be allocated for project-related expenses. Additionally, approximately ₹20 crore is needed to conclude the suspended Kala Sankul project on MG Road, pending a grant from the state government.
The Smart City Company had previously applied for a ₹100-crore loan, which was approved by the State Bank of India but ultimately unused, leading to the proposal's cancellation. The company is now striving to secure this loan again.
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