Nashik Municipal Corporation (NMC) has approved a proposal to take a loan of Rs 200 crore to improve its financial condition as the city prepares to host the Kumbh Mela next year.
The proposal was cleared by Standing Committee, a key decision-making panel of the civic body, at a meeting yesterday, officials said.
Of the total loan amount, Rs 110 crore will be taken from Bank of Maharashtra and the rest from Housing and Urban Development Corporation (HUDCO), Rahul Dhikle, Chairperson of Standing Committee, said.
He said a little over 50 per cent of the loan amount will be utilised for completing projects related to Kumbh Mela, the world's largest religious congregation.
