Mumbai: In a significant boost to Mumbai’s transport infrastructure, the Mumbai Metropolitan Region Development Authority (MMRDA) has successfully secured financial closure for the much-anticipated Underground Orange Gate to Marine Drive Tunnel Road project.

The Union Bank of India has sanctioned a Rs 7,326 crore loan at a competitive rate of interest, ensuring optimal financial efficiency.

Announcing the development on social media, MMRDA’s Metropolitan Commissioner, Dr. Sanjay Mukherjee, emphasized the agency’s strong financial credibility and commitment to delivering world-class infrastructure without delays.

The project includes a 9.2 km underground coastal tunnel connecting Orange Gate (Eastern Freeway) to Marine Drive Coastal Road besides a 6.52 km twin-tunnel system featuring dedicated emergency lanes for enhanced safety. It will help strengthen east-west connectivity and creating a ring route for South Mumbai.

The landmark agreement was signed under the leadership of Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde. Mukherjee led the formalities alongside senior MMRDA officials, including Additional Commissioners Vikram Kumar and Ashwin Mudgal, Joint Commissioner Radhabinod Sharma, MMMOCL MD Rubal Agarwal, and Financial Advisor Ankush Nawale.

This financial milestone ensures that the ambitious project remains on track, furthering MMRDA’s commitment to urban mobility enhancements. With Union Bank of India’s financial backing, the project is set to revolutionize connectivity and ease congestion, bringing substantial benefits to commuters across Mumbai.

MMRDA continues to secure financial closures for crucial infrastructure projects, reinforcing Mumbai’s status as a rapidly developing metropolis. As work progresses, the Underground Orange Gate to Marine Drive Tunnel Road is expected to significantly improve travel times and traffic flow, marking a new era in the city’s transportation network.