GHMC mulls floating bonds for projects

To implement the projects of State government, mainly the two bedroom house plan and Strategic Road Development Project (SRDP) in Greater Hyderabad, the Greater Hyderabad Municipal Corporation (GHMC) is considering floating of public bonds worth `3,300 crore shortly. CARE rating agency gave GHMC an A+ rating. For floating of bonds in the market, ratings play an important role in getting financial assistance for any organisation.

The rating would also help in borrowing funds, if need be, whenever large



projects are proposed. GHMC is expected to ask the state government for permission for raising money in the form of bonds to implement the two new projects in the three years to come. The proposal would be placed before the GHMC Standing Committee and General Body for approval. GHMC officials told Express that the corporation was burdened with several projects, civic works and meagre income have pushed the GHMC into a financial crisis. Of the `3,300 crore, `1,210 crore would be utilised for major projects.