Nashik: The Rs200 crore worth green bonds to be issued by the Nashik Municipal Corporation will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Wednesday.The funds raised through the green bonds will be used to increase the city’s water treatment capacity by an additional 274 million litres per day (MLD) in view of the upcoming Simhastha Kumbh Mela, along with meeting the city’s future drinking water requirements.This was announced by municipal commissioner Manisha Khatri, mayor Himgauri Aher and deputy mayor Vilas Shinde during a press conference on Monday.The green bonds will carry a coupon rate of 8.05% per annum and an effective yield of 8.2% per annum across all investor categories — institutional, non-institutional and retail individual investors. Recently, the NMC raised Rs200 crore through municipal bonds in Nov last year for various infrastructure projects ahead of the Kumbh Mela. Now, the civic body is preparing to raise another Rs200 crore through green bonds. The NMC will also receive incentives of Rs26 crore from the Centre for issuing the green bonds and also some funds through urban challenge funds.Khatri said the corporation intends to enhance water treatment capacity to cater to the increased demand expected during the Simhastha Kumbh Mela, as well as the city’s future needs. “The project also includes laying a new water distribution pipeline from Vilholi on the outskirts of Nashik city to Sadhugram in Tapovan. This new infrastructure will help reduce current water leakages from 45% to 20%.Aher, while talking to TOI, said this is a significant moment for the civic body. “The green bonds will help raise funds for projects aimed at augmenting water treatment capacity ahead of the Kumbh Mela,” she said.The Water Treatment Plant (WTP) project financed through the green bonds will meet the additional 250 MLD water requirement during the religious congregation.The project includes increasing the pumping station capacity at the Mukane dam, constructing a new water treatment plant at Vilholi, and laying new water distribution pipelines from the Vilholi WTP to Sadhugram and the Nilgiri water treatment plant in the Panchavati area of Nashik.Currently, the daily water requirement for the entire Nashik city is over 550 MLD. During the upcoming Kumbh Mela, the demand is expected to rise by an additional 240 MLD.
