MMRDA inks ₹4.07 lakh crore debt agreements to develop MMR

Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday signed multiple agreements to raise debt worth $48 billion ( ₹4.07 lakh crore) from several domestic financial institutions to develop infrastructure in the Mumbai Metropolitan Region (MMR).

The agreements were formalised at the India Global Forum 2025 event at the Bandra Kurla Complex. In February, MMRDA had set an ambitious target of raising $100 billion to fund infrastructure projects in MMR. Now, it aims to raise the balance $52 billion from global institutions.

The financial institutions that have agreed to lend money to MMRDA are REC Limited, Power Finance Corporation, Housing and Urban Development Corporation Limited (HUDCO), Indian Railway Finance Corporation (IRFC), and the National Bank for Financing Infrastructure and Development (NaBFID). These institutions have pledged long-term financial assistance for MMRDA’s key infrastructure projects in sectors such as transport, housing, energy-efficient systems, multimodal connectivity and smart urban services.

REC has agreed to extend a line of credit worth ₹1 lakh crore to fund projects across sectors, including urban transport, energy efficiency and integrated infrastructure. PFC will also extend ₹1 lakh crore towards energy-efficient infrastructure, sustainable transport and urban services. HUDCO’s commitment is ₹1.5 lakh crore to finance housing, transport and urban development projects. IRFC wants to limit its exposure to ₹50,000 crore towards the development of metro, suburban rail, multimodal transport and connectivity infrastructure. Lastly, NaBFID has committed ₹7,000 crore towards financing transport, smart infrastructure and urban services.

“This signals a bold leap toward transforming MMR into a global financial and urban development hub,” said MMRDA commissioner Sanjay Mukherjee. “The funds raised from the lenders are likely to be utilised for the timely execution of critical projects aligned with Maharashtra’s ambition of becoming a $1 trillion economy and contributing to India’s $5 trillion economic vision.”

According to MMRDA officials, these partnerships allow the agency to execute projects with a 20:80 equity-debt model, accelerating infrastructure rollout while ensuring financial sustainability.

Already, institutions such as REC and PFC have already extended a line of credit to MMRDA with existing funding commitments of ₹30,593 crore and ₹31,563 crore respectively. These are for Mumbai Metro and urban infrastructure projects.

“These lines of credits will significantly strengthen our project pipeline and help us deliver on the vision of a sustainable, inclusive and globally competitive MMR,” Mukherjee said.