PMC to be the first local body in the country to issue municipal bonds

Mumbai: Country's largest Municipal Bonds Programme for Pune Muncipal Corporation (PMC) was launched at Bombay Stock Exchange here today.

With this, PMC has become the first local body in the country to issue municipal bonds in nearly one and a half decade.

 Speaking on the occasion Minister of Urban Development Venkaiah Naidu said ''Today's striking of 'Gong' at Bombay Stock Exchange has far wider implications than many of us can think of. I would like to capture the significance of this event in one sentence and that being - This sound of Gong is an echo of urban revival happening in our country now.

As cities need more and more resources for addressing the huge infrastructure deficit, they need to look at more and more new avenues of resource mobilization.

He declared that Pune alone is now set to mobilize about Rs.2,300 cr of which it has already got Rs.200 cr in the first tranche.

He expressed satisfaction that SEBI has come out with necessary guidelines in this regard in July, 2015 and Pune is the first to come out with bonds thereafter.

Our cities are now adopting new language in the form of Credit Rating, Value Capture Financing, Transit Oriented Development etc for mobilization of resources. A good beginning has been made over the last three years and we have miles to go still, he said.

Other dignitaries who were present on this occasion were Housing and Urban Poverty Alleviation, Information and Broadcasting Shri. M. Venkaiah Naidu, Chief Minister of Maharashtra Shri. Devendra Fadnavis, Union Minister of State for Finance & Corporate Affairs Shri Arjun Meghwal and other dignitaries were present.