Mumbai: In a significant move, the BJP-led government has taken over the financial control of projects implemented by the Maharashtra State Road Development Corporation (MSRDC), Maharashtra State Infrastructure Development Corporation (MSIDC) and the public works department (PWD). While the MSRDC is headed by deputy CM Eknath Shinde, the MSIDC was his brainchild during the previous government headed by him.
Currently, the PWD and other two agencies have been implementing road works and other infrastructure projects worth around Rs two lakh crore. The cabinet will hand over select projects of MSRDC and MSIDC to Maha InvIT, a newly-formed entity. In short, the important jobs of both the agencies will go to Maha InvIT. According to sources in the know, both the MSRDC and MSIDC will not enjoy much say in crucial matters and they might handle just the planning and supervision parts.
Since inception, the MSRDC and the MSIDC have been handling their financial issues independently. Their domains included raising finances, inviting financial bids, formulating the development models of build, operate and transfer, approving toll structure and period of concession to the bidders.
It is also significant to note that Shinde has been handling the MSRDC affairs since 2014, leaving a gap of two years when his close associate Dadaji Bhuse was heading the department between 2022 to 2024.
The PWD, headed by BJP’s Shivendra Raje Bhosale, has now decided to set up Maha InvIT (Infrastructure Investment Trust) to raise finances, streamline fund allocation, asset management and attract sponsors besides officiating as the project manager for effective implementation.
Maha InvIT is being registered under the Indian Trust Act, 1882, and its structure, along with the implementation and registration, will adhere to the Securities and Exchange Board of India (Infrastructure Investment Trust) Regulations, 2014. The state cabinet accorded approval for setting up last month.
Cabinet will hand over select projects of MSRDC and MSIDC to Maha InvIT, a newly-formed entity
In short, the important jobs of both the agencies will go to Maha InvIT
According to sources in the know, both the MSRDC and MSIDC will not enjoy much say in crucial matters
Rs2 lakh crore
Worth of projects undertaken by PWD, MSRDC, MSIDC
