Hyderabad: With the Strategic Road Development Plan (SRDP) mired without funds, the government on Tuesday issued an order to borrow a rupee term loan (RTL) of Rs 2,500 crore. The money will be availed in instalments based on requirement.
The SRDP needs Rs 1,000 crore for land acquisition and Rs 250 crore for construction. It had recently cleared bills worth Rs 495 crore raised through municipal bonds.
The corporation also requires about Rs 300 crore to put ongoing projects back on track.
The corporation is not in favour of municipal bonds as financial institutions are demanding high interest rates, and none turned up for the previous auction at lower rates of interest.
The corporation raised only about Rs 100 crore at 10 per cent interest, against the Rs 200 crore needed. The Rs 1,000-crore reserve fund has just Rs 50 crore.
Against this backdrop, the corporation is depending on the RTL loan worth Rs 2,500 crore, expected to last the SRDP three years.
The municipal administration department has also hired SBI Capital Markets Limited as consultant to raise RTL loan with 0.1 per cent fee. The repayment period will be fixed by the banker.
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