Nagpur : For the first time, Nagpur Municipal Corporation (NMC) has its credit rating assessed from an independent agency and it has got a high rating.
Virendra Kukreja, Chairman of Standing Committee of NMC, told on Friday evening that NMC had got an impressive ‘A -’ rating, which, he said, “is not achieved by many big corporate houses in the country.”
Informing the reporters about this, Kukreja said that the high credit rating had cleared the path for NMC to get Rs 200 crore loan from Bank of Maharashtra, which is the nodal agency. “We got the rating assessed through a reputed agency CARE Ratings. Initially, the agency said that the credit rating could be ‘B’. However, on our request, when the agency examined the documents and NMC’s records carefully, they have given us ‘A -’ rating. It is considered very impressive even for corporates,” he said.
Asked about NMC’s financial health, Kukreja said that credit rating indicated that the situation was ‘improving’. “We have been able to streamline the finances of NMC. Though NMC will need loan or funds for big projects at hand, I can say that most of the dues of contractors have been settled,” he stressed.
According to him, NMC had paid Rs 150 crore to contractors before Diwali, and Rs 135 crore later on. Within a fortnight, NMC will clear payments to the tune of Rs 50 crore to contractors.
“Once that is done, NMC will have cleared all the dues of contractors till the month of October 2018,” he said. The bills of Rs 27 crore only will remain to be paid as those are under process, he added. Earlier in the day, Kukreja chaired a meeting of Standing Committee. In the meeting, he said, the committee had give administrative approval to proposals worth Rs 9.25 crore, and also cleared tenders of Rs 3.01 crore.
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