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    BMC Seeks Rs 90 Crore Loan for Neemuch Project

    January 30, 2023 - Financial Services Monitor Worldwide


      Bhopal Municipal Corporation (BMC) is seeking a loan for Rs 90 crore, for a solar and wind power project to set up in Neemuch district, some 425 km away from the state capital.

      Apprehending opposition from 85-member BMC corporators, the proposal on agenda was withdrawn before council on January 21.

      Three days later, BMC set for seeking expression of interest (EoI) for a long tenure term loan of Rs 90 crore for installation of 20MW solar phase- 1, 20MW solar phase- II and 15 MW wind energy project. Along with there is also a one MW rooftop project. The proposals had caused an uproar after which they were withdrawn by BMC mayor Malti Rai.

      According to sources, most of the corporators are not aware of marginal cost of funds-based lending rate (MCLR) route being taken by the BMC.

      According to BMC commissioner KVS Choudary the current move is only an EoI. BMCs contribution for the projects is estimated to be Rs 86 crore. One solar project is already underway. It was approved by the BMC administrator.

      BMC was under administrator, which is the divisional commissioner, for three years when an elected council was not present. New council was sworn into office in August 2022. The late date to submit the bids for the Neemuch project was September 2022. Four main documents related to the tender are not accessible in public domain.

      Going green has been a welcome initiative for the BMC and also gives the body valuable Swachh Survey points.


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