Nashik’s Rs 200 Crore Green Bond to Fund Kumbh Mela and Water Projects
Nashik Municipal Corporation is planning a second round of fundraising through municipal bonds. The civic body aims to collect Rs 200 crore by February 2023, this time issuing a green bond. This follows an earlier oversubscribed bond release, making Nashik the third Maharashtra municipality to tap into bond markets.
The first bond issue saw strong demand, with funds earmarked for infrastructure upgrades across Nashik. The upcoming green bond will focus on two major projects: preparations for the 2027 Kumbh Mela and ensuring 24-hour water supply for residents.
The Rs 200 crore green bond will support key civic initiatives, including large-scale event planning and water infrastructure. With a borrowing capacity of Rs 1,000 crore, Nashik’s approach to municipal bonds signals a growing trend among Maharashtra’s urban bodies.
