Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) is planning to raise Rs. 3,500 crores to fund various developmental projects in the city.
The funds are proposed to be raised by way of Municipal bonds of up to Rs. 1,000 crores and Rupee Term Loan (RTL) of at least Rs. 2,500 crores. The GHMC is taking up various major developmental works like Strategic Road Development plan, Double Bedroom housing plan and other major development infrastructure works on priority where the GHMC needs huge revenue resources.
In this context, GHMC Commissioner Dr. B. Janardhan Reddy held a pre-bid meeting with 9 leading financial agencies and banking officials approved by Government of India. The main aim of the meeting was to raise the funds for overall development of the city to that of a world class.
Additional Commissioner (Finance) Jayaraj Kennedy and senior officials from SBI Capital Market Ltd., Yes Bank, ICICI, Axix Bank, AK Capital Service, Darashaw & Company Pvt. Ltd., ICRA Management Consulting Services Ltd., have participated in the meeting. (INN)