Simhastha 2028 Preparations Gain Momentum In MP's Ujjain As UDA, Indian Overseas Bank Sign ₹643 Crore Loan MoU For Temple, Ghat And Pilgrim Infrastructure

Ujjain, in the state of Madhya Pradesh, is gearing up for the Simhastha 2028 festival by securing a ₹643.39 crore loan from the Indian Overseas Bank. The loan, signed via a memorandum of understanding (MoU) between the Ujjain Development Authority (UDA) and IOB, will aid in the development of temple infrastructure, pilgrim facilities, and heritage-related projects.

The major urban growth conclave held in Indore witnessed the signing of the MoU, with Chief Minister Mohan Yadav in attendance. The term loan will primarily finance 11 temples, ghats, and heritage projects with an estimated total cost of Rs 1,124.52 crore. To supplement this funding, the UDA aims to raise Rs 200 crore through a public issue of Temple Bonds.

The borrowed funds will be repaid primarily from the revenue generated by these 11 projects. The UDA retains the responsibility of repaying the principal, interest, and any other dues due. With an estimated 40 crore pilgrims expected to visit Ujjain during Simhastha 2028, the financial initiative highlights the commitment of the Madhya Pradesh government and the UDA to developing world-class infrastructure for the major religious gathering.

Notable attendees at the signing ceremony included cabinet ministers Kailash Vijayvargiya and Tulsiram Silawat, MP Housing Board chairman Om Jain, ACS Sanjay Dubey, and the UDA CEO Sandeep Soni, among others.