Now Reading: Indore smart city firm seeks Rs 100 crore loan for MOG line
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Indore smart city firm seeks Rs 100 crore loan for MOG line
The Indore Municipal Corporation's Smart City Company is preparing to raise a loan of up to Rs 100 crore for the MOG Lines redevelopment project. CEO Ardh Jain said work is progressing…
The Story in Brief
The Indore Municipal Corporation's Smart City Company is preparing to raise a loan of up to Rs 100 crore for the MOG Lines redevelopment project. CEO Ardh Jain said work is progressing on one side while the company also tries to sell part of the project land. The company needs additional funds and has approached financial institutions for an interest-bearing loan, expected between Rs 50 crore and Rs 100 crore.
Separately, around Rs 20 crore is required to complete the stalled Kala Sankul project on MG Road, and the Indore Development Authority has sought a state grant. The Smart City Company had earlier secured a Rs 100 crore loan approval from the State Bank of India, but the sanctioned amount was not availed, causing the proposal to lapse. Fresh efforts are now underway to secure the loan again.
The Indian Opinion
The Indore Smart City Company's fresh loan attempt prompts a simple test: will it actually use the money this time? A similar Rs 100 crore loan from SBI was approved but never availed, allowing the proposal to lapse. Meanwhile, the stalled Kala Sankul project needs Rs 20 crore and the IDA is begging the state for a grant. Taxpayers should watch whether loan sanctions actually become construction workers on the ground, not just papers in a file.
Source: freepressjournal.in
This story was synthesised by AI from the source linked above.
