The Greater Hyderabad Municipal Corporation is in the process of finalising a Rs 1,000 crore bond offer and expects to complete the process during the year.
“This is one one of the innovative ways we are seeking to raise funds to strengthen the urban infrastructure. We are also in the process of monetising highways developed under the Outer Ring Road project,” KT Rama Rao, State Minister for Municipal Administration and Urban Development said.
Speaking at the Credai national meet here today, the Minister said, “Once the GHMC concludes the fund raising process, it will be amongst first municipal corporations to raise funds under the mechanism.”
“Similarly, with the State embarking on a number of infrastructure projects, it is also seeking to raise funds through hitherto untried process of monetising infrastructure developed under the Outer Ring Road project. A Transaction Advisory Services company has been appointed and the assets would be monetised under the Toll, Operate and Transfer mode,” he said.
Referring to funds required for the ongoing projects and some of the proposed infrastructure projects in the State, he said, “There are several funding options. In fact, a leading investor in the United Arab Emirates has expressed interest to invest up to $ 5 billion in Telangana. However, rules laid down by the Centre do not allow direct fund raising by the State from such external sources. All funding that comes from the external sources has to be routed through the Centre.”
TS iPass
About the progress the State has made after assuming office, he said, “The innovative industrial policy TS iPass which was brought in on June 2, 2015 has attracted more than Rs 1,20,000 crore investments into the State with potential to provide 3,00,000 direct jobs and another similar number indirectly.”
“The State rank of No.1 in Ease of Doing Business has had significant impact on the investors and if the real estate development and commercial office intake is any indication, Hyderabad has become one of the fastest growing urban areas in the country,” he said.