In a historic milestone for urban climate financing in India, Pimpri Chinchwad Municipal Corporation (PCMC) has become the first civic body in Maharashtra to list Green Municipal Bonds on the Bombay Stock Exchange (BSE). The Rs 200 crore bond issue aims to fund sustainable mobility projects and aligns with the city’s long-term environmental vision.
Launched with overwhelming investor enthusiasm, the base issue of Rs 100 crore was subscribed within the first minute and eventually oversubscribed 5.13 times, drawing bids worth Rs 513 crore. Maharashtra Chief Minister Devendra Fadnavis, present at the ceremonial bell-ringing event in Mumbai, called the listing a proud moment and praised PCMC’s bold step in adopting market-based climate financing tools.
“This demonstrates investor confidence not only in PCMC’s planning but also in Maharashtra’s governance,” said Fadnavis, noting the support such initiatives have received from Prime Minister Narendra Modi.
The raised funds will be used for two major green infrastructure initiatives: the Harit Setu project in Nigdi Pradhikaran and the sustainable mobility corridor between Gawalimatha and Indrayani Nagar Chowk. Both projects are part of the city’s vision to promote the “15-Minute City” concept and improve last-mile connectivity to metro and BRTS transport through active mobility infrastructure.
PCMC Commissioner Shekhar Singh expressed gratitude to investors and called the bond listing a bold stride toward building a greener, smarter Pimpri Chinchwad. “This is not just about financing infrastructure, but about aligning our development with sustainability and climate goals,” he said.
Chief Minister Fadnavis also presented Singh with a commemorative listing memento on behalf of BSE. The event saw participation from top state officials, including Deputy Chief Ministers Eknath Shinde and Ajit Pawar, Chief Secretary Sujata Saunik, and urban commissioners from across Maharashtra.
Saunik described the listing as a “benchmark in urban innovation,” urging other civic bodies to explore similar tools for sustainable development.
The bonds, rated AA+ by CRISIL and CARE, carry a 7.85% interest rate and are secured through an escrow account backed by PCMC’s property tax revenues. The civic body also earned a Rs 20 crore incentive from the Government of India for the successful execution of the green bond issue.
With this achievement, PCMC has pioneered a model for embedding climate finance into local governance, setting an example for urban bodies across India to follow.