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GHMC to mobilize Rs 2,500 cr thru’ bonds, term loans

GHMC has decided to mobilize revenue through issuing bonds and taking term loans from various banks for implementation of various programs worth of about Rs 3,500 crore being taken up under its jurisdiction.

Rs 2,500 crore would be mobilized by issuing municipal bounds and remaining term loans from various agencies, including banks, GHMC Commissioner B Janardhan Reddy said, who today held a pre-bid meeting with the representatives of different banks. Representatives of nine banks attended the meeting.

This is a  strategic road development program to  make Hyderabad city as a world class city as huge funds are needed to implement double bed room schemes and for providing other basic amenities to the citizens of the corporation, he said, adding that to meet the expenditure it was decided to get money through bonds and term loans.

The State government has asked the GHMC not to increase Property Tax and make efforts to increase its revenue by taking internal measures, he said. Chief financial advisor Udayshri, financial advisor Vijaya Kumar, SBI capital market Ltd, Yes Bank, ICICI Bank, Axis bank, A K capital services and other financial institutions’ representatives attended the meeting. (NSS)