The Nashik Municipal Corporation (NMC) has decided to raise bonds worth Rs 400 crore to meet 25 per cent of the total expenditure for the upcoming Simhastha Kumbh Mela. Half of the required funds will be raised through direct loans and the rest through green bonds.

Initially, the plan was to raise green bonds worth Rs 200 crore, as there was no clear estimate of the expenditure. Later, the proposal was revised to a direct loan of Rs 300 crore and green bonds of Rs 275 crore. 

However, this was again altered, and the final decision now stands at Rs 400 crore through bonds. The Finance Department has started the necessary planning.

The NMC is required to bear 25 per cent of the development costs for the Simhastha Kumbh Mela. For this, expenditure incurred during the previous Kumbh Mela has been used as the basis. 

The civic body has drawn up a plan of Rs 24,000 crore, including Rs 15,000 crore for Simhastha-related works and Rs 9,000 crore for other departments. The plan is awaiting approval from the state government’s high-level summit committee. 

The Kumbh Mela Authority has expedited preparations after Rs 1,000 crore was allocated in the supplementary demands of the recent monsoon session of the legislature.

Works worth Rs 3,277 crore in the first phase

A provision of Rs 3,277.58 crore is expected for works in the first phase of the Simhastha Kumbh Mela. Out of this, Rs 819 crore will be the NMC’s mandatory contribution. Accordingly, the civic body’s Finance and Accounts Department has begun preparing the roadmap.