Pune: PCMC Raises ₹200 crore India’s First Municipal Green Bond for Sustainable Mobility

Pune, June 04, 2025: In a historic milestone for Pimpri Chinchwad and Maharashtra, the Pimpri Chinchwad Municipal Corporation (PCMC) has successfully raised ₹200 crore through Maharashtra’s first Green Municipal Bond. The bond received an overwhelming response, with bids worth ₹513 crore—an oversubscription of 5.13 times! This also marks India’s first Municipal Green Bond issued exclusively for a sustainable mobility project.

The funds will accelerate PCMC’s green infrastructure initiatives, including key projects like Harit Setu in Nigdi Pradhikaran and the redevelopment of Telco Road. Harit Setu, a marquee project under the 15-minute city concept, aims to enhance last- and first-mile connectivity to Metro and BRTS stations through sustainable transport options. The project was previously recognized with the BICI Award in 2023, and this bond issuance further reinforces its progress.

Rated AA+ by CRISIL and CARE, the bond was issued on a private placement basis at a competitive 7.85% coupon rate, secured by an escrow mechanism linked to Property Tax collections.

This marks PCMC’s second municipal bond in two years, showcasing its commitment to transparent, future-ready, and citizen-centric governance.

PCMC Commissioner Shekhar Singh expressed gratitude, stating, “A heartfelt thank you to the entire PCMC team, our partners at A. K. Capital Services Ltd, Palladium for their invaluable advisory support, and all the investors who have placed their trust in our vision. Together, we are driving Pimpri Chinchwad towards a greener, more resilient future.”