In a major boost to urban infrastructure in Maharashtra, state-owned Power Finance Corporation (PFC) has signed a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide financial assistance of up to ₹1 lakh crore.
The MoU was formalized in a ceremony attended by Maharashtra Chief Minister Devendra Fadnavis, PFC Director (Projects) Rajiv Ranjan Jha, and MMRDA Commissioner Sanjay Mukherjee.
The partnership aims to establish a strong, long-term financial collaboration between PFC and MMRDA to support the planning and execution of bankable infrastructure projects across the Mumbai Metropolitan Region (MMR).
With this agreement, MMRDA is expected to accelerate the development of key urban infrastructure such as metro rail systems, road networks, and public transport improvements, among other critical urban initiatives.
PFC, a leading non-banking financial company (NBFC) operating under the Ministry of Power, will play a pivotal role in funding these large-scale infrastructure ventures, ensuring they are financially viable and efficiently executed.
The ₹1 lakh crore funding commitment is a significant step toward transforming Mumbai’s urban landscape and easing infrastructure bottlenecks in one of India’s most densely populated regions.
With the region’s population and economic activity continually expanding, this funding injection is expected to fast-track the development of sustainable and smart city solutions.
Power Finance Corporation Limited (PFC) were trading at ₹393 at 2:45 PM on the NSE, reflecting a decline of 1.39% or ₹5.55 from the previous close of ₹398.55. The stock opened the day on a positive note at ₹399.90, which also marked its intraday high. However, selling pressure pushed it down to an intraday low of ₹389.00.
Power Finance Corporation’s strategic partnership with MMRDA marks a transformative step in reshaping Mumbai’s infrastructure ecosystem. With ₹1 lakh crore earmarked for development, this collaboration not only underscores PFC’s expanding role in infrastructure financing but also promises to accelerate the city’s journey toward becoming a modern, sustainable urban hub.
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Published on: Apr 9, 2025, 2:54 PM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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