Cash-dry BMC eyeing coastal road project

Ahead of the investors’ summit to be inaugurated by Prime Minister Narendra Modi in Mumbai on February 18, 2018 at Mumbai Metropolitian Region Development Authority (MMRDA) ground at Bandra Kurla Complex (BKC), the Brihanmumbai Municipal Corporation (BMC) will also exhibit their ambitious coastal road project in the event.

The idea behind introducing coastal road project is to attract investors.

According to a senior civic officer, who is looking after the coastal road project, stated the entire project cost is of Rs 15,000 crore. "Spending all by the civic corporation would be a big task, therefore, by exhibiting the coastal road project in these summit we can attract investors which will be an easy way to generate capital for the project work," added the civic officer. The civic corporation has made a budget provision of Rs 1,500 crore for this fiscal year 2018-19, out of Rs 15,000 crore.

The summit will be held for more than a month at MMRDA BKC ground between February 18 and March 23.

The initiative is expected to generate employment for one lakh people, and the government will raise a corpus of Rs 1,000 crore to ensure uninterrupted flow of capital to medium, small and micro industries in aerospace and defence, electric vehicles, fin- tech, coir, textiles, garments, jewellery and integrated logistics parks specifically.

The BMC officer added a stall displaying the entire project structure and design will be placed. Also, around 20 civic officials will give information to the interested investors about the project work during the exhibition held.