Nashik’s ‘Clean Godavari Bond’ Listed on NSE to Promote Kumbh Development and Heritage

Mumbai, Dec 2025 : The enthusiastic participation of citizens and investors in keeping the Godavari clean is highly commendable. Guided by Prime Minister Narendra Modi’s message of “Development Also, Heritage Also,” Chief Minister Devendra Fadnavis stated that while promoting development, the sanctity of the Kumbh Mela and the preservation of historical heritage will also be ensured.

At the National Stock Exchange (NSE) in Mumbai, Chief Minister Fadnavis ceremonially listed the Nashik Municipal Corporation’s ‘Clean Godavari Bond.’ The event was attended by Chief Secretary Rajesh Agrawal, Additional Chief Secretary of Urban Development Dr. K.H. Govindraj, NSE Managing Director Ashish Chauhan, Mitra CEO Praveen Pardeshi, Divisional Commissioner Praveen Gedam, Kumbh Mela Commissioner Shekhar Singh, and Nashik Municipal Commissioner Manisha Khatri.

Chief Minister Fadnavis said that several development projects are underway in the Nashik region for the Kumbh Mela. The state government, through the Urban Development Department, has undertaken essential infrastructure works required before the Kumbh Mela. Development will continue while maintaining the sanctity of the Kumbh Mela, with multiple schemes being implemented, guided by the innovative ideas and financial vision of Prime Minister Modi.

The Nashik Municipal Corporation is playing a key role in developing infrastructure for the Kumbh Mela. Chief Minister Fadnavis noted that these projects not only preserve historical heritage but also ensure vital initiatives for maintaining the cleanliness of the Godavari.

Strong Investor Response to Open Market Bond:

Chief Minister Fadnavis highlighted that previously Pune and Pimpri-Chinchwad Municipal Corporations raised funds via bonds from open financial markets. Nashik Municipal Corporation’s ‘Clean Godavari Bond’ received four times the subscription demand from investors, reflecting the local body’s financial strength, rating, and transparency. Fifteen municipal corporations in the state have similar capacity, and after meeting regulatory requirements, can also raise development funds.

Funds raised through the open market also simplify the pathway for central government infrastructure support. Additionally, the NSE process provides a ₹26 crore incentive fund, potentially reducing the municipal corporation’s interest burden to zero percent.

Listing Major Energy Companies on NSE:

Chief Minister Fadnavis stated that significant funding through NSE will strengthen major energy sector companies. In the first phase, MSETCL (Maharashtra State Electricity Transmission Co. Ltd.) will be listed, followed by Mahavitaran and other large power generation companies. The expertise of NSE will be a major support in this process.