Nashik Green Bond Listed on NSE, CM Fadnavis Highlights Capital Market Funding for Urban Development

Mumbai, March 2026 :Maharashtra Chief Minister Devendra Fadnavis said that raising funds through bonds in the capital market can significantly strengthen financing for urban development projects. He expressed confidence that innovative financial instruments like municipal bonds would help cities mobilize resources for large-scale infrastructure initiatives.

The Chief Minister made these remarks while launching the listing of the Green Bond issued by the Nashik Municipal Corporation at the National Stock Exchange of India in the Bandra Kurla Complex. The listing ceremony was marked by Fadnavis ringing the traditional opening bell at the exchange.

Speaking on the occasion, Fadnavis noted that municipal corporations can raise funds from the capital market by issuing bonds to finance public infrastructure and development projects. He said that initiatives such as the “Innovative Fund,” similar to the model adopted by Nashik, could provide strong financial support for urban growth.

The Chief Minister highlighted that Nashik Municipal Corporation has successfully entered the capital market by issuing both private placement bonds and public municipal bonds within the same financial year. He encouraged other municipal bodies to explore similar financial mechanisms to fund public welfare projects.

Fadnavis also referred to a central government initiative that supports municipalities in raising funds through bonds. Initially, the Centre approved municipal bond issuance up to ₹200 crore in the first phase. After witnessing the positive response and success of the initiative, the Union Budget increased the limit to ₹1,000 crore. Additionally, the incentive amount offered under the scheme has also been raised to ₹200 crore.

He said that large-scale development works worth nearly ₹25,000 crore are currently underway in the Nashik metropolitan region in preparation for the upcoming Kumbh Mela. According to him, the infrastructure created for the Kumbh Mela will not only serve the event but will also help transform Nashik into a modern metropolitan city in the long term.

Fadnavis expressed optimism that these development projects will turn Nashik into an emerging investment hub in the coming years.

Through the municipal bonds, Nashik Municipal Corporation plans to complete key water supply projects that will directly benefit residents. The projects are expected to significantly reduce water leakage in the city’s distribution system—from 47 percent to around 20 percent.

The Chief Minister also suggested that smaller municipal corporations in the state could collectively issue bonds worth ₹1,000 crore in the capital market to fund urban development works. Such a move, he said, would enable them to benefit from the central government’s incentive schemes.

Funds raised through the green bond will be used for several infrastructure projects, including expansion of the pumping station at Mukane Dam, construction of a new water treatment plant at Vilholi, and installation of a main gravity pipeline connecting the treatment plant to Sadhugram.

The primary objective of these projects is to ensure clean and safe drinking water for Nashik residents during the Kumbh Mela and in the years beyond.

The event was attended by Water Resources Minister Girish Mahajan, Nashik Mayor Himgouri Aher, NSE CEO Ashish Chauhan, and Nashik Municipal Commissioner Manisha Khatri, along with other officials and representatives.