India’s largest private sector lender Bhartiyat Mahila Vidyutmala Swamy Bhartiya Development, which will develop a new $5-billion project in the state of Maharashtra, has made a significant commitment to the project, sources told Business Standard.
According to the sources, Bhartyat Mahilvadi Development Corporation (BMPDC) has been in discussions with several companies interested in developing a large industrial complex in the Bhandup area of Maharashtra.
The project will be an industrial hub in Bhandu and would generate significant revenue to the state government, which is already heavily dependent on the textile industry.
Bhartiya is also a member of the Mumbai Development Authority (MDA), which is also in the process of developing a major industrial complex on the outskirts of Mumbai.
Mumbai Development Authority Chairman Nandan Nilekani has been actively promoting the proposed project, and has also sought the support of the Bhartiwat Development Corporation, sources said.
Sources said BMPDC has expressed its willingness to fund the project at an estimated $5bn and that the firm is also keen to secure financing for the entire development from private sources.
In a statement, the MDA said that the project would generate much-needed jobs, promote the local economy and create opportunities for local residents and small-scale manufacturing.
“The MDA and the BMPCC are committed to building an ambitious and transformative industrial complex, which we believe will bring much-need jobs and generate significant economic benefits for Maharashtra.
The project will contribute to the development of the state’s textile industry and help the local community thrive,” the statement said.