Maharashtra forms committee to establish NBFC for infrastructure funding

The Maharashtra government has formed a special tender committee to oversee the establishment of a dedicated Non-Banking Financial Company (NBFC) to be registered with the Reserve Bank of India. This financial institution is intended to support the ‘Viksit Maharashtra 2047’ initiative by addressing the state’s estimated infrastructure credit requirement of ₹25 to ₹35 lakh crore over the next decade.

The committee will manage the selection of an expert advisory agency through a two-stage process involving an Expression of Interest (EOI) and a Request for Proposal (RFP). This move aims to streamline funding for ambitious projects as the state seeks to grow its economy to $1 trillion by 2029-30 and $5 trillion by 2047.

Planned allocations include ₹10 to ₹12 lakh crore for metro expansions in Mumbai, Pune, and Nagpur, coastal roads, and port connectivity. Additionally, ₹3.5 to ₹4.5 lakh crore is earmarked for renewable energy and grid modernization, while ₹3 to ₹4 lakh crore will fund AI innovation cities, semiconductor clusters, and EV manufacturing. Another ₹1 lakh crore is designated for tourism and heritage conservation.