Law Wisdom
Cidco Work
City and Industrial Development Corporation of Maharashtra (CIDCO) is a Government of Maharashtra undertaking established on 17 March 1970 under the Indian Companies Act ,1956. Its purpose at the time of its creation was to develop a satellite town to Mumbai, Maharashtra, and now functioning as New Town
Development Authority (NTDA) and Special Planning Authority (SPA) of Government of Maharashtra for development of New Towns by planning and developing entire urban infrastructure, providing municipal services, executing large scale infrastructure projects including Navi Mumbai International Airport, Navi Mumbai Metro & Mega Mass Housing project.
The loan / line of credit facility is required to be
- with most competitive rate of interest
- without any prepayment penalty
- with actual drawdown based on demands made from time to time.
In relation to the above, CIDCO intends to invite competitive bids from leading scheduled commercial banks/Financial institutions(FIs) for providing Loan Facilities for the said project for a period of 05 Years. Following are the key terms and conditions in relation to the Bid. A detailed loan agreement will be executed with the Successful bidder on fulfilment of necessary formalities and document requirements.