MMRDA secures ₹ 4.07 lakh crore loan to boost Mumbai’s Infrastructure
In a significant boost to Mumbai’s infrastructure ambitions, the Mumbai Metropolitan Region Development Authority (MMRDA) has secured non-binding lines of credit totaling ₹4.07 lakh crore (approximately $48 billion) from major Indian financial institutions. The funding will fast-track transformative infrastructure projects across the Mumbai Metropolitan Region (MMR).
The credit agreements were formalized during the India Global Forum in Mumbai, with Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde in attendance. The partnerships involve top-tier institutions including Housing and Urban Development Corporation (HUDCO), Rural Electrification Corporation (REC), Power Finance Corporation (PFC), Indian Railway Finance Corporation (IRFC), and the National Bank for Financing Infrastructure and Development (NaBFID).
As part of this funding, HUDCO has extended a line of credit worth ₹1.5 lakh crore, while REC has committed ₹1 lakh crore. PFC has also provided a line of credit amounting to ₹1 lakh crore. Additionally, IRFC has pledged ₹50,000 crore, and NaBFID has committed ₹7,000 crore.
These partnerships empower MMRDA to execute bankable projects with a 20:80 equity-debt model, accelerating infrastructure rollout while ensuring financial sustainability.
MMRDA aims to transform the MMR into a $300 billion economy by 2030, creating over 3 million new jobs through integrated, inclusive, and climate-resilient urban development.
Commenting on the development, Chief Minister Devendra Fadnavis said: “In February 2025, we set an ambitious target of raising $100 billion to fund transformative infrastructure projects. As we work to position Mumbai and Maharashtra as a global destination, world-class infrastructure backed by long-term, low-cost funding is essential. Today, we’ve taken the first major step by closing almost $50 billion in funding from Indian institutions. Our next focus is to raise the remaining $50 billion from global institutions, ensuring financial stability and a strong foundation for Maharashtra’s future.”
Echoing this sentiment, Deputy Chief Minister and MMRDA Chairman Eknath Shinde added: “While MMRDA has previously secured financial support of over Rs. 3.5 lakh crore from Videshi (foreign) organisations in Davos, I am especially pleased that these Lines of Credit, worth Rs. 4.7 lakh crore, are with Swadeshi (Indian)organisations. This reinforces our vision of Atmanirbhar Bharat—a self-reliant India—and reflects growing domestic capacity to invest in and deliver mega infrastructure projects.”
Dr. Sanjay Mukherjee, Metropolitan Commissioner, MMRDA said: “These Line of credits will significantly strengthen our project pipeline and help us deliver on the vision of a sustainable, inclusive, and globally competitive Mumbai Metropolitan Region.”
