HUDCO signs MoU with NMRDA to fund ₹11,300 crore projects in Nagpur region

9 Sep 2025 , 11:30 AM

State-owned HUDCO on Monday signed an MoU with the Nagpur Metropolitan Region Development Authority (NMRDA) in Mumbai, opening the door for collaboration on a wide range of development projects in the Nagpur region.

The understanding is non-binding, but outlines HUDCO’s plan to explore funding support of up to ₹11,300 crore over the next five years. The financing will be directed toward housing, land acquisition, and infrastructure projects. Beyond funding, HUDCO has also committed to offer consultancy and capacity-building services, helping NMRDA strengthen its project execution capabilities.

The agreement was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, and HUDCO CMD Sanjay Kulshrestha, alongside senior state and company officials.

For the June quarter, HUDCO posted a net profit of ₹630.2 crore, a 13% increase compared with ₹558 crore a year earlier. Core income (NII) came in at ₹961 crore, up 32% year-on-year.

Asset quality also improved during the quarter: gross NPAs fell to 1.34% from 1.67% in March, while net NPAs eased to 0.09% from 0.25%. The clean-up was aided by the settlement of a ₹277.68 crore non-performing account, while four smaller accounts worth around ₹7.3 crore were written off. On the business front, loan sanctions jumped 143% year-on-year to ₹34,224 crore, though disbursements were flat at ₹12,812 crore.

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