Indore becomes first civic body to launch green bonds

Category : National Published on: February 10 2023

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Indore Municipal Corporation, ranked top in cleanliness survey for six consecutive years, has become the country’s first civic body to launch green bonds, seeking to raise Rs 244 crore for a 60-mw solar plant at its water pumping station.
This amount will be used to set up a 60 MW solar plant at Juladh Pumping Station in Hum Samraj and Ashukhedi villages on the banks of river Narmada falling in Khargone district with an investment of about Rs 305 crore.
This bond of Indore Municipal Corporation will open between 10-14 February 2023. And later it will be listed on the National Stock Exchange.
Green bonds are debt securities issued by organizations to finance or refinance projects that have a positive impact on the environment and climate. They are also known as climate bonds.
Green bonds were first announced by Union Finance Minister Nirmala Sitharaman while presenting the budget for the financial year 2022-23.