Two MoUs signed with Navratna PSUs for New Nagpur project

Mumbai, Sept 8 (PTI) The ambitious New Nagpur project, envisioned as Maharashtra's future International Business and Financial Centre (IBFC), received a major boost on Monday with the signing of two key MoUs.

The agreements were signed in the presence of Chief Minister Devendra Fadnavis.

The project involves setting up integrated underground utility tunnels, a district cooling system, automated waste collection and segregation, and other facilities.

The Nagpur Metropolitan Region Development Authority (NMRDA) inked MoUs with two Navratna public sector undertakings- NBCC (India) Ltd and Housing and Urban Development Corporation Ltd (HUDCO).

According to a statement from the Chief Minister's Office, the agreements would accelerate world-class development of New Nagpur, offering the city a chance to transform its economic and business landscape.

Under the agreement, development works will be taken up in 1,000 acres out of 1,710 acres earmarked for the New Nagpur project, with the remaining 710 acres kept for future expansion. The project, to be implemented in three phases over 15 years, will follow a plug-and-play model.

Facilities will include integrated underground utility tunnels, a district cooling system, automated waste collection and segregation, start-up and MSME hubs, IT parks, commercial centres, and mixed-use residential developments, according to the statement.

NBCC has been appointed as the project management and consultancy partner, with a high-powered committee chaired by the NMRDA commissioner to oversee implementation, it said.

In the second agreement, HUDCO has committed funding support of Rs 11,300 crore. Of this, Rs 6,500 crore will be allocated for land acquisition, commercial development, and infrastructure in New Nagpur, while Rs 4,800 crore will go towards land acquisition for the Nagpur Outer Ring Road project.

The financing would fast-track both the New Nagpur IBFC and key infrastructure, such as the outer ring road. The partnership will also include workshops, training, and capacity-building programmes, the CMO added.

The Maharashtra Cabinet had approved these projects on September 3.

"These agreements mark a decisive step towards making New Nagpur one of the country's most advanced international financial and business centres. They are expected to be a game-changer for Nagpur's economic profile," the statement said. PTI MR NSK