Curation Team
NASHIK: The civic body has decided to raise Rs 1,000 crore through loans from the Asian Development Bank (ADB) for various infrastructural works in preparation for the upcoming Simhastha Kumbh Mela, scheduled to be held between 2026 and 2028.
Nashik Municipal Corporation (NMC) administration has submitted a proposal to the urban development department of state govt for approval. “Once we get approval from the urban development department, we start the process to raise Rs 1,000 crore through a loan from the Asian Development Bank,” a top civic official told TOI.
An official added that state govt will also guarantee repayment of the loan amount to the ADB.
This initiative forms part of NMC’s efforts to secure funds for its share of the Kumbh Mela expenses. During the last Kumbh Mela held in 2015, state govt approved a Rs 1,050 crore plan for NMC, which was required to raise 25% of the funds. NMC raised Rs 250 crore through loans from PSU banks.
For the upcoming Kumbh Mela, NMC has prepared a Rs 15,000 crore plan submitted to state govt for approval. To date, the Kumbh Mela Authority has approved Rs 3,270 crore for the NMC for major works, which are expected to take approximately two years to complete. Furthermore, the works will receive phased approval from the Kumbh Mela Authority.
Consequently, NMC has commenced preparations to raise the necessary funds for its share, including borrowing from the ADB. The funds will be utilised to establish a sewerage network in the city to ensure 100% sewage collection and treatment at sewage treatment plants (STPs), said NMC officials.
Additionally, there are numerous black spots on city roads prone to waterlogging during the monsoon. A stormwater line network will be developed at these locations to prevent rainwater accumulation. NMC will also employ funds for various flood mitigation projects, according to officials.
MLA Devyani Pharande from Nashik Central assembly constituency is assisting the civic body in obtaining loans from the ADB.
Furthermore, NMC has resolved to raise a total of Rs 400 crore for the Kumbh Mela through municipal bonds and green bonds.
The forthcoming Simhastha Kumbh Mela is scheduled to take place between 2026 and 2028. The flag hoisting ceremony is planned for Oct 31, 2026, and the three main Amrit Snans (holy baths) will occur between Aug and Sept 2027.
