The much-awaited project Nagpur-Mumbai Super Communication Expressway ‘Samruddhi Corridor’ is finally becoming reality after Chief Minister Devendra Fadnavis executed a memorandum of undertaking (MoU) with South Korea government for loans.
It is said that the implementation strategy, legal systems, policies, technologies, and information will be done with the help of Korean government. The Korean government will also help the state government in various infrastructure development projects like Smart Cities, Metro Rail, airports etc.
Earlier, Fadnavis, with state officials, visited Seoul to meet South Korea minister for land and transport Kim Hyun-Mee. This was the meeting in which Fadnavis and Kim Hyun-Mee penned down the strategic partnership for infrastructure development projects in the state for four years.
For now, it is clear that South Korea's Ministry of Land, Infrastructure and Transport (MOLIT) will provide a total loan of Rs 45,000 crore for the execution of the 710-km Samruddhi Corridor. The Maharashtra State Road Development Corporation Limited (MSRDC) and Korea Expressway Corporation (KEC) will constitute a special purpose vehicle for planning and execution of Samruddhi Corridor.
The state will appoint a nodal officer of not below the Secretary rank in the SPV. Similarly, MOLIT will appoint a nodal officer of the rank of general director.
After MoU’s interest, Samruddhi Corridor will start without any hurdles. The eight-lane corridor passing through 10 districts which also plans to develop 25 townships requires the acquisition of over 20,800 hectares of land.
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