NMC raises Rs 200 crore for clean Godavari Bonds for 2027 Kumbh mela

In a key milestone towards mainstreaming municipal finance in India for infrastructure projects, the Nashik Municipal Corporation (NMC) has raised Rs 200 crore through “NMC Clean Godavari Bonds” listed on the National Stock Exchange of India (NSE), to fund the preparations of Simhastha Kumbh Mela 2027.

The funds mobilised through this NMC bonds will be deployed towards key infrastructure projects in the view of upcoming construction of the pedestrian bridge of Ram Jhula, construction of a vending plaza and general development near Kalaram Temple, construction of the proposed command and control centre near Kapaleeshwar Temple and sewer network improvement works for the administrative zones of Panchavati, Satpur and Nashik West.

Expressing his happiness over the development, Maharashtra chief minister Devendra Fadnavis said: “I am very happy to learn that NMC’s Clean Godavari Bonds were oversubscribed nearly four times. These bonds will help to finance the infrastructure related to the Kumbh Mela in 2027, ensure efficient utilisation of resources and timely repayment”.

“The 3.95 times oversubscription reflects institutional investors’ growing confidence in municipal bonds as a credible asset class. NSE remains committed to helping cities and local bodies raise capital in a transparent and efficient manner for sustainable urban infrastructure. Today’s listing further strengthens the foundation for future municipal bond programmes across the country,” NSE MD & CEO Ashishkumar Chauhan said.

“These bonds will finance infrastructure development related to Kumbh Mela 2027, and ensure sustainable development of the region. We managed to complete the entire fundraising process within 4 to 5 months and are also working on the second bond issue,” NMC Commissioner and Administrator Manisha Khatri said.