GHMC to raise Rs.3,500 cr through bonds and Rupee Term Loan

Greater Hyderabad Municipal Corporation (GHMC), in an effort to expedite Strategic Road Development plan, double bedroom housing project and other major infrastructure works, is raising Rs 3,500 crore through issue of municipal bonds and Rupee Term Loan.

Of the Rs 3,500 crore, Rs 1,000 crore would be raised through issue of municipal bonds and Rs 2,500 crore would be through Rupee Term Loan (RTL).GHMC Commissioner B Janardhan Reddy conducted a pre-bid meeting with nine leading financial agencies and banking officials approved by the Union Government. The objective was to complete the projects and generate the requisite funds.

Very few



municipal corporations have raised fund through issue of bonds in the country and the model adopted by them would also be analysed, he said.

As per the directions of the Government, the municipal corporation was making all efforts to improve its revenue internally without enhancing the property tax, besides rectifying loopholes in the tax structure.

GHMC Additional Commissioner (Finance) Jayaraj Kennedy and senior officials from SBI Capital Market Limited, Yes Bank, ICICI, Axis Bank, AK Capital Service, Darashaw & Company Private Limited, ICRA Management Consulting Services Limited participated in the meeting.